In today’s uncertain world, ensuring the well-being of one’s family has become paramount. With increasing medical expenses, securing your loved ones with health insurance stands as a beacon of assurance. Thanks to modern health and general insurance services, people today have access to family health insurance at their doorstep. However, before knowing where to procure one for your family, it is critical to understand the nitty-gritty of this type of insurance.

Family Health Insurance, defined

Family health insurance is an excellent way to guarantee that everyone in your family has access to high-quality medical treatment without having to pay individual premiums for each person. These policies frequently include a higher insured amount, more comprehensive coverage, and various additional benefits and features that might lower your out-of-pocket medical expenses. In this context, Policy Ensure, a reputable broker having tie ups with insurers specializing in health and general insurance services, offers an outstanding family health insurance policy. This policy not only boasts cost-effectiveness but also addresses the comprehensive insurance requirements of families by extending coverage to all family members.

Working and features

Family health insurance works by providing a single policy that pays for all of the family’s medical costs. The principal policyholder, their spouse, and their dependent children are typically included in coverage. The policyholder pays recurring premiums, which give coverage up to a certain amount. Policyholders have a choice between cashless and reimbursement claim settlement options in the event of a medical emergency.

Health insurance policies for families offer a comprehensive range of features tailored to meet the diverse needs of families. These include cashless hospitalization, which simplifies the payment process during medical emergencies; maternity coverage that extends to fertility treatments and childbirth expenses; accident coverage with a premium waiver for permanent disabilities; and critical illness coverage that provides a payout upon the first diagnosis of listed medical conditions, eliminating the need for hospital bill submissions. These features ensure that families have access to essential healthcare services without financial worries.

Advantages of family health insurance

Individuals can garner several advantages from their family health insurance policy:

Financial security: Family health insurance guarantees that your savings are not depleted by medical costs. It offers a safety net to pay for hospital stays, operations, and other medical procedures.

Access to quality healthcare: With the help of partnerships with a network of hospitals and healthcare providers, firms that are into health and general insurance services make sure that policyholders have access to high-quality healthcare.

Saves tax: Under Section 80D of the Income Tax Act of 1961, policyholders may claim tax benefits on the premiums paid for family health insurance policies up to a maximum of ₹ 55,000 in a given fiscal year.

Hassle-free process: It can be daunting to keep track of all the numerous plans you need to pay for, given that each policy may have a distinct timeline. This lacuna is bridged by a licensed broker like PolicyEnsure  who can deliver family health insurance via a hassle-free process.

Procuring family health insurance via a licensed broker

The relevance of insurance cannot be overstated in these uncertain times. However, today’s health and general insurance services cover a wide range of policies that protect an individual from the different hazards and uncertainties that life might throw at them. While there can be several ways to procure the best health insurance for your family, it is suggested to get in touch with a licensed broker such as Policy Ensure and its certified Point of Sales Person (PosP).

PosPs can help you understand your needs and select the relevant family health insurance that caters to them. Policy Ensure’s Phygital model enables them to reach not only metro cities but also non-metro cities and remote areas with locally available POSP.Now, everyone can ensure their loved one’s health via family health insurance provided by Policy Ensure.

Small businesses are undeniably the backbone of any economy, but in a developing country like India, their influence cannot be overstated. Despite their size, small businesses play a crucial role in creating job opportunities, fostering innovation, and promoting the country’s overall economic growth. But, in the dynamic landscape of modern business, where firms consistently strive to remain relevant and competitive, small enterprises face a relentless challenge in attracting and retaining top talent.

While small businesses might not be able to offer the same level of employee benefits as larger corporations, they can make full use of group health insurance to entice top talent. Offering a comprehensive health insurance plan is not merely a perk but a potential game-changer for small businesses. As more and more firms embrace this practice, let’s understand how group health insurance can revolutionize the way small businesses operate and flourish. 

Attracting and Retaining Top Talent

One of the key benefits of offering group health insurance lies in its ability to act as a powerful magnet in the competition for skilled employees. In today’s ever-competitive job market, a lucrative benefits package is often the deciding factor between a candidate accepting or rejecting a job offer from prospective employers. On the other hand, a robust best health insurance plan that extends its protective cover to employees’ families can act as a compelling incentive for talented individuals to continue working for a firm and forge a lasting relationship with it. 

Amplifying Employee Well-Being and Productivity 

Regardless of the industry, there is little doubt that healthy employees are the bedrock of productivity. By offering group health insurance, small businesses can ensure the facilitation of regular health check-ups, preventive care, and access to timely medical attention. This, in turn, can foster a sense of security among employees pertaining to their health. When employees feel secure about their health, they are more likely to be focused, engaged, and efficient, which further leads to heightened productivity and reduced absenteeism.

Capitalizing on Economies of Scale 

Small businesses often find themselves grappling with the challenge of adequately negotiating best affordable health insurance plans for individual employees. This is where group health insurance can really make a difference. Since it operates on the premise of economies of scale, group health insurance enables small businesses to harness the collective buying power of their workforce. Furthermore, it enables them to access better coverage options at lower premium rates as opposed to individual plans.

Leveraging Tax Advantages

Another key advantage of group health insurance is that it offers attractive tax benefits to small businesses. Since group health insurance is 100 percent tax-deductible, as stated by the Income Tax Department, small businesses can enjoy complete tax deduction benefits when they pay for an employee’s healthcare, as the entire amount of the premium paid by them gets accounted for as a legitimate business expense. Additionally, employees’ contributions to the plan are frequently made with pre-tax income, reducing their taxable income and fostering a mutually beneficial arrangement for both parties.

Mitigating Employee Turnover and Training Costs

High employee turnover can impose a significant burden on small businesses, draining valuable time and resources invested in recruitment and training. Group health insurance considerably reduces the likelihood of employees seeking alternative job opportunities solely due to superior benefits. This aids businesses in maintaining a stable and experienced workforce, ultimately reducing turnover-related expenses.

Fostering a Cohesive Community

The provision of health insurance as a collective benefit allows small businesses to foster a sense of community and unity among their employees. When employees know their employer genuinely cares about their well-being, they are more likely to feel valued and emotionally connected to the organization’s success.

Flexibility in Customising Plans

Group health insurance offers flexibility to tailor plans according to the specific needs of the employees and the business. Small businesses can choose from a range of coverage options, including medical, dental, vision, and mental health benefits, to create a comprehensive package that suits their budget and aligns with their employees’ preferences.

Compliance with Regulations

In various regions, including India, the law mandates that employers provide health insurance coverage to their employees. Offering group health insurance ensures that small businesses are in compliance with these regulations, avoiding potential penalties and legal complications. 

Competitive Edge in the Market

In the fierce competition for customers and clients, small businesses need a competitive edge. By highlighting the provision of group health insurance, businesses can distinguish themselves as employers who genuinely care about their employees’ well-being. This positive reputation can attract socially conscious customers and elevate the company’s brand image. 

Peace of Mind for Business Owners

Running a business often entails stress and uncertainty for owners. And small businesses are no different. Knowing that employees are covered by a group health insurance plan provides peace of mind to business owners. This enables them to focus on growing the business without being overly concerned about the financial burden that a sudden medical emergency could pose on the organization and its employees.

Conclusion

Given its myriad advantages, it’s quite evident that group health insurance is indeed a transformative asset for small businesses. Going beyond being a mere employee benefit, it has emerged as a strategic tool that drives employee satisfaction, attracts top talent, reduces expenses, and enhances overall productivity. Thus, investing in group health insurance is an investment in the future success of small businesses. By prioritizing the well-being of their workforce, small businesses pave the way for sustainable growth and long-term prosperity.

Introduction

A PoSP is an individual operating and managing a point of sale system in a business. This individual handles transactions, processes payments, and provides customer service at the point of sale. 

A PoSP is knowledgeable about the point-of-sale software and hardware being used and is trained to operate the system efficiently. They assist customers in making purchases, handle cash or electronic payments, issue receipts, and maintain accurate records of transactions. Additionally, a PoSP may also be responsible for inventory management, sales reporting, and resolving any customer issues or inquiries related to the point-of-sale process. You can easily become a PoSP insurance agent with Policy Ensure. 

Start by familiarizing yourself with the point of sale (POS) industry. Understand the different POS systems, software, and hardware available in the market. Stay updated on emerging trends and technologies. Develop proficiency in operating POS systems. Learn about transaction processing, inventory management, sales reporting, and customer service. Familiarize yourself with software and hardware troubleshooting.

Effective communication is vital as a PoSP. To become a PoSP advisor, you must hone your interpersonal skills to interact with customers, address their queries, and provide excellent service. Develop active listening skills and the ability to communicate clearly and confidently. As an empowered entrepreneur, understanding sales and marketing principles is crucial. Learn about product positioning, target audience identification, and effective promotional strategies. Explore digital marketing techniques to expand your reach.

A few more things to become a PoSP insurance agent and an empowered entrepreneur:

Foster Customer-Centric Approach

Cultivate a customer-centric mindset and prioritize customer satisfaction. Develop problem-solving skills to address customer issues promptly and effectively. Strive to create memorable experiences for your customers.

Embrace Empowerment

Empowerment as an entrepreneur comes from within. Believe in your abilities, have a clear vision, and set meaningful goals. Surround yourself with a support system that encourages and motivates you. Embrace challenges as opportunities for growth and learning.

Continuous Learning

Keep up with industry advancements and seek opportunities for professional development. Attend workshops, seminars, and webinars to enhance your skills and stay updated with the latest trends. Embrace a growth mindset and always be open to learning. You need to do this if you want to become a PoSP insurance agent. 

Network and Collaborate

Build a strong network within the POS industry and entrepreneurial community. Attend industry events, join professional associations, and engage with like-minded individuals. Collaborate with others to share knowledge, insights, and experiences.

Take Calculated Risks

Entrepreneurship often requires taking risks. Assess and evaluate risks carefully, but don’t be afraid to step out of your comfort zone. Embrace calculated risks that align with your vision and can lead to growth and success.

Persistence and Resilience 

Entrepreneurship can be challenging, but persistence and resilience are key. Stay focused on your goals, adapt to changes, and learn from failures. Embrace setbacks as learning experiences and use them to fuel your determination. It will help you become a PoSP advisor who is successful. 

Understand the financial aspects of running a business. Learn about budgeting, cash flow management, profitability analysis, and financial forecasting. This knowledge will help you make informed decisions and ensure the financial health of your business. 

As an entrepreneur, surround yourself with a competent and motivated team. Delegate tasks effectively, provide clear guidance, and foster a positive work culture. Encourage collaboration and empower your team members to contribute their ideas and expertise. 

Stay updated on the latest advancements in POS technology. Explore features like mobile payments, e-commerce integration, and data analytics tools. Embracing technology can streamline operations, enhance customer experience, and drive business growth.

Continuously seek ways to improve your products and processes. Listen to customer feedback, conduct regular evaluations, and adapt accordingly. Embrace a culture of innovation and strive for excellence in all aspects of your business. Find experienced mentors who can guide you on your entrepreneurial journey. It is essential to have mentors if you want to become a PoSP advisor. 

Their insights, advice, and support can be invaluable in navigating challenges and making strategic decisions. Learn from their experiences and leverage their networks. Entrepreneurship can be demanding, but it’s important to prioritize your well-being. Maintain a healthy work-life balance to avoid burnout. Take breaks, engage in activities you enjoy, and nurture personal relationships. Remember, a balanced life fuels creativity and productivity. 

Consider the impact of your business on society and the environment. Incorporate sustainable practices and ethical principles into your operations. Engage in community initiatives and give back whenever possible. Markets and consumer preferences are ever-changing. Be flexible and willing to adapt your business strategies to stay relevant. Embrace a mindset of agility and constantly monitor industry trends to seize new opportunities.

Celebrate Milestones: Acknowledge and celebrate your achievements along the way when you become a PoSP insurance agent and adopt insurance brokerage services. Recognize the progress you’ve made and the milestones you’ve reached. This will boost morale, inspire your team, and fuel your motivation to continue growing and evolving.

Inspire Others: As an empowered entrepreneur, inspire and uplift others in your community. Share your knowledge, experiences, and insights through mentoring, speaking engagements, or writing. Encourage others to pursue their entrepreneurial dreams and empower them to succeed.

Remember, to become a PoSP insurance agent and an empowered entrepreneur is a personal journey. Continuously learn, adapt, and strive for growth. With passion, perseverance, and a commitment to excellence, you can create a successful business and make a positive impact in your industry.

Conclusion

The digital revolution has enabled entrepreneurs to use emerging technologies and be more efficient. The Indian entrepreneurship ecosystem has been advancing rapidly. However, there are still challenges entrepreneurs need to face. These can be related to access to finance, regulation issues, and infrastructure gaps. However, efforts are underway to address these issues and create a more supportive ecosystem for entrepreneurs. 

With a large domestic market, a growing middle class, and a culture that values entrepreneurship, the future of entrepreneurship in India appears promising. As technology continues to advance and more resources become available, Indian entrepreneurs have the opportunity to drive economic growth, create jobs, and address societal challenges through their innovative and impactful ventures.

The idea of owning a car evokes emotions like no other. It gives us a sense of freedom and endless possibilities that lay open—something that has often been romanticized in movies and novels. You too would have imagined yourself going on those picturesque drives, turning up the music, and driving off into the sunset. But while you plan to embark on great adventures, car ownership comes with great financial responsibility, making car insurance a crucial component.

As a responsible car owner, buying appropriate car insurance is not only a legal obligation but also a critical step in safeguarding your valuable assets and protecting your financial future by ensuring against financial security. And yet, car insurance is often perceived as a mere formality, with many car owners buying it without much thought. That’s largely due to the vast array of insurance providers and policy options that make selecting the right car insurance an uphill battle. To simplify this arduous task and assist you in making an informed decision, here’s a look at five key factors one must consider when purchasing car insurance for the first time:

Coverage That Suits Your Needs

One of the most vital considerations when buying car and motor insurance is the kind of coverage it offers. Most of the policies available on the market generally include two primary types of coverage: third-party liability and comprehensive coverage. Third-party liability insurance provides coverage for damages one might cause to someone else’s property or injuries to others in the event of an accident. When it comes to comprehensive coverage, it safeguards the insured by covering third-party liability and also covering damages to their vehicle due to accidents, theft, vandalism, and natural disasters (as per the policy). Thus, by factoring in your requirements, driving habits, and the value of your car, you can narrow down the best-suited coverage option.

Understanding Deductibles and Premiums

Having decided on the coverage option, the next crucial aspect of buying car insurance involves contemplating the deductible and premium structure. Since the deductible denotes the amount that one is subjected to paying out of their own pocket before their insurance coverage comes into effect, it can have a significant impact on the premium amount. For instance, opting for a higher deductible can lower your premium, but it will increase your immediate expenses in the event of a claim. On the other hand, a lower deductible will lead to a higher premium, but it can relatively reduce the financial burden at the time of a claim. Hence, you must analyze your financial capabilities to pay the deductible and choose a balance that is in sync with your budget and risk tolerance.

Extend the Scope of Your Policy with Add-On Covers

Regardless of the insurance provider one opts for, understanding the add-on coverage offered by them can serve as a platform for extending the scope of your policy. Today, modern-day insurers offer various add-on covers that could include zero depreciation covers, engine protection, and roadside assistance, among others. Though these add-ons do increase your premium, they adequately make up for it by providing extra protection that can prove valuable in dire situations. Given your driving pattern and the condition of the vehicle, you can specifically opt for the add-ons that would be beneficial for you. When purchasing car insurance for the first time, tailoring your policy with relevant add-ons can help enhance the coverage that suits your specific needs.

Evaluate the Insured Declared Value (IDV)

Determined by the current market value of your car, the Insured Declared Value refers to the maximum amount the insured can claim in case of a total loss or theft of your vehicle. Since a higher IDV leads to a higher premium and vice versa, it is essential to choose an appropriate IDV that accurately reflects your car’s true value to avoid underinsurance or overinsurance scenarios that can have serious consequences during the claims process. That’s why you must consult with the insurance provider or use online tools to determine the appropriate IDV for your vehicle. This key consideration will enable you to receive fair compensation in the event of a significant loss and help you avoid financial setbacks.

Compare Quotes and Read the Fine Print

After you’ve spent countless hours contemplating the aforementioned points, the last and definitely not the least consideration should be given to comparing multiple quotes from insurance providers and reading their fine print. Just like other things, you must not settle for the first insurance policy that comes your way. Making use of credible online tools, one must take the time to compare the quotes from different insurance firms and look beyond just the price, considering the coverage, deductibles, and additional benefits offered in each policy. Once you’ve chosen the policy, factoring in all key elements, don’t forget to read the policy documents before making the purchase. After going through all the terms, conditions, and clauses mentioned in the policy, you should not hesitate to seek clarification from the insurer in case of any doubts.

Afterword

Arguably one of the most underrated components of car ownership, purchasing car insurance demands thoughtful consideration and a thorough understanding of an individual’s requirements. The right policy should not only comply with legal obligations but also provide adequate coverage for your specific needs. By taking into consideration key factors such as coverage options, deductibles, premiums, add-on covers, and the Insured Declared value, one can make an informed decision that helps in attaining both peace of mind and financial security. When buying car insurance for the first time, remember to compare policy quotes from multiple insurers and read the fine print diligently before making the payment. Bolstered by this knowledge, you can efficiently navigate the confusing technicalities of car insurance to procure a policy that safeguards you against unforeseen risks while driving on the road.

In order to shield their finances from potential losses and damage to their properties, it is imperative for homeowners to be protected with home insurance. The subject of whether home insurance costs are deductible from taxes does come up frequently among Indian homeowners, however, the Income Tax Act of 1961 currently prohibits the direct deductibility of home insurance premiums. Indian tax regulations do not make any provisions for specifically deducting the premiums paid for home insurance when determining taxable income, unlike other insurance services like life insurance or health insurance.

Although home insurance might not offer tax benefits directly, it’s crucial to take into account the overall financial protection it offers. Homeowners must balance the possible tax benefits with the peace of mind that comes from knowing that their most valuable possession is sufficiently safeguarded in case of unanticipated circumstances like fire, theft, or natural catastrophes. It is important to remember that India’s tax laws and regulations are dynamic and might change over time. For the most up-to-date and accurate information on the tax deductibility of home insurance premiums, it is wise to keep up with the latest tax laws and consult highly trained PoSPs like the ones associated with insurance brokerage services such as Policy Ensure.

Other tax benefits for homeowners

Despite home insurance not being tax deductible in and of itself, homeowners can look into alternative options to obtain tax benefits associated with their properties. For instance, under Section 24(b) of the Income Tax Act, those who have taken out home loans may be eligible for deductions on the interest paid. In addition, homeowners may deduct, up to a certain amount, the principle of their mortgage payments under Section 80C. Through riders or add-on covers that are included with some home insurance policy cost, one can also potentially obtain tax savings. These add-ons may provide coverage for certain hazards or objects, such as jewelry, electronic equipment, or the cost of external accommodation in the event of property damage. These add-ons can also qualify for tax deductions depending on the specifics of the policy. To ensure compliance with tax rules, it is crucial to carefully analyze the policy documents and speak with tax professionals or insurance broker PoSPs.

At a glance: Home insurance and tax benefits

While the cost of home insurance itself is not tax deductible in India, property owners should not undervalue the importance of protecting their houses with sufficient insurance policy coverage. Home insurance offers security and peace of mind against unforeseen hazards that far outweigh any potential tax advantages. It’s important to keep in mind that tax regulations often change, therefore, for smart financial planning and maximizing attainable tax benefits, staying informed on the most recent developments and seeking competent guidance are crucial. To conclude, purchasing home insurance remains a wise move to safeguard one’s most valuable asset and provide long-term financial security. 

Inflation is an inevitable economic reality that erodes the purchasing power of money over time. As prices rise, the value of the currency diminishes, impacting your ability to afford the same goods and services. While inflation is a concern for everyone, it can be particularly worrisome for those planning their financial future, especially when it comes to retirement and providing for loved ones after they’re gone. This is where life and health insurance plays a crucial role in safeguarding your financial well-being against the effects of inflation.

The purchase value of money gradually decreases over time as a result of inflation, an unavoidable aspect of the economy. You may find it harder to afford the same goods and services if prices rise due to the declining worth of currency. While inflation is a concern for everyone, it can be particularly worrisome for those planning their financial future, especially when it comes to retirement and providing for loved ones after they’re gone. Hence, to protect your financial security from the consequences of inflation in this situation, life insurance is essential.

Preserving the Value of the Payout:

One of the primary methods by which life insurance policy shields your future finances from inflation is by offering a death benefit that keeps its true worth constant. Regardless of how the economy is affected by inflationary forces, the sum assured, or death benefit amount, for a life insurance policy stays the same. Consequently, in the event of your passing, your beneficiaries receive a payout that still holds significant value, even if it was purchased years or decades ago.

Long-Term Financial Security:

Life insurance provides your loved ones long-term financial security, ensuring that they possess the resources to cope with the effects of inflation on their standard of living. Mortgage payments, cost of education, unpaid debts, and ongoing living expenditures that can rise due to inflation can all be covered with this death benefit, ensuring a financially protected life for the policyholder’s family.

Supplementing Retirement Income:

Whole life and universal life permanent life insurance policies include a cash value component that increases over time. As an added benefit, these policies create a cash reserve that policyholders can access at any moment during their lifetime. This cash value builds up on a tax-deferred basis, which allows it to expand more quickly than taxable savings accounts. Policyholders can also augment their retirement income by accessing the accrued cash value, which lessens their reliance on other assets that might be impacted by inflation.

Inflation-Indexed Policies:

Some insurers offer inflation-indexed life insurance policies to more effectively keep up with inflation. Inflation rates or a particular consumer price index are taken into account when adjusting the death benefit and cash value under these policies. This allows the policy’s coverage to grow in step with the cost of living, guaranteeing that beneficiaries will have enough money to cover rising costs.

Avoiding Financial Strain for Loved Ones:

 In addition to safeguarding your financial future, life and accidental insurance policy offers the peace of knowing that your loved ones won’t suffer financially in your absence. Living expenses can rise significantly as a result of inflation, and without careful financial preparation, your family’s finances may be put under financial stress. By securing life insurance coverage, you create a safety net that shields them from the potentially devastating effects of inflation.

At a glance: Life insurance and protection against inflation

Life insurance is an effective instrument to protect your financial future and combat the damaging impacts of inflation. Life insurance makes sure that your family receives the support they require, even in the face of escalating costs, by supplying inflation-indexed policies, a consistent death benefit, or generating cash value. You may safeguard your family’s financial stability, take care of their needs, and leave a long-lasting legacy of security and stability by investing in life insurance. 

In our fast-paced world where uncertainties loom large, the need to plan for the future is undeniably imperative. Similarly, when it comes to medical emergencies, a lack of planning for exorbitant expenses can lead to major financial upheaval. One of the most effective, yet underrated, ways of doing that is by virtue of a health insurance policy that is tailored to the specific needs of customers. 

While one doesn’t really need an incentive to buy health insurance, the COVID-19 pandemic surely reinforced its importance in our lives. The global pandemic exposed our unpreparedness in case of health-related emergencies, altering our perception of health insurance and raising pertinent questions. Is my health insurance good enough? Does it cover unforeseen health hazards like COVID-19? Will it still burn a hole in my pocket? 

With these growing questions, people now seek better awareness, guidance, and understanding to find the right health insurance plans that can cater to their specific needs – a promise that is being fulfilled by the ever-growing network of Policy Ensures certified Point of Sales Person (PosP). Therefore, in the post-pandemic era, as you go about finding the best health insurance plan for yourself or your family, here are 5 key elements you must consider before investing in a policy:

Health Insurance: No Longer A Luxury, But A Necessity

For a long time, health insurance was perceived as a luxury, especially in growing nations like India. While some deemed it as an added expense, others remained unperturbed by the idea of safeguarding their health via an insurance plan. But, it eventually took the global pandemic to reiterate the importance of health insurance in the country.

According to The Hindu report, demand for health insurance has shot up by 321% in the post-pandemic era. This is a valid indicator of the changing perception and increased awareness among customers towards the health insurance industry. With uncertainties akin to Covid-19 looming large, the importance and relevance of buying health insurance that provides holistic and adequate coverage simply cannot be overlooked.

Sum Insured: What’s Sufficient Today Might Be Inadequate Tomorrow

Health insurance policies, akin to ones related to motor vehicle and home insurance, work on the principle of indemnity. Simply put, these insurance policies compensate the customers for all the losses covered by the policy. The extent of damages that a policy covers in a stipulated time period is what is termed as the sum insured. For instance, in medical policies, the sum insured denotes the maximum amount that an insurer will pay for hospitalization in a given time.

In the event of unexpected medical emergencies, one can be easily exposed to financial debt instigated by medical bills, diagnostic charges, and other hospitalization costs. With the bills often running higher than the sum insured in the insurance plan, an individual’s savings can take a direct hit. That’s why it’s important to opt for a plan with a high sum insured to minimize out-of-pocket expenses. While it might push the premium up, you can thoroughly reap its benefit with better coverage than regular plans.

Selecting A Plan? Flexibility Is Key To Effective Health Insurance

While there are numerous things one can factor in before making up their mind for a specific health insurance plan, flexibility is undeniably one of the most important elements to take into consideration. In the event of a medical emergency that involves more than one member of your family, having individual health insurance plans surely won’t cut it. As witnessed during the recent pandemic, many families were exposed to the ramifications of not having a floater plan that covered health insurance of their family members.

Unlike individual health insurance policies, family floater plans are relatively cost-effective which make them ideal for providing medical coverage for all members of the family. Factoring in the age and other necessary information of the members, one can opt for a floater plan which is tailored to the needs of the family. While there are a lot of floater plans available in the market, one must leverage the expertise of insurance brokers like Policy Ensure to efficiently review and compare them in their bid to find the one that is flexible enough to accommodate all members of the family.

Room Rent Cap: Go For A Higher Limit

Health insurance plans might seem easy to purchase, but understanding the nitty-gritty pertaining to a policy is an uphill battle that can have a direct impact on your finances. Among some key elements that need a lot of demystification, the room rent limit is arguably the one that needs special attention from customers. A cap imposed on the coverage of boarding expenses of the hospital room rent limit has a significant impact on the overall cost of treatment.    

Therefore, you must lay a greater emphasis on the cap on room rents to avoid burning through your savings during an uncertain medical emergency. While selecting a health insurance policy, people should also factor in inflation costs and look for a plan with a higher limit on room rent to reduce personal expenses. Though it might attract a higher premium than other available policies, the one with a high cap on room rent can surely help ensure that you get the best possible treatment without fretting over additional expenses.

Employer Health Insurance: It May Not Be Enough During Uncertain Events

In the modern world, the majority of organizations offer health benefits and insurance plans to their employees. People, for long, have been content with the health insurance offered by their employers. That is one of the reasons why most of the individuals still don’t opt for an individual policy despite better coverage on offer. However, this over-dependence on employer health insurance can cost you dearly in the event of a medical emergency.

Since most of the health insurance policies offered by employers have limited coverage, depending solely on that can translate into additional out-of-the-pocket expenses. On the other hand, relying solely on employer health insurance also means that, in the event of a job loss, you would have to shell money from your savings to negate health-related challenges. Hence, while a healthcare plan offered by your employer might seem like a great deal for now, an individual policy with better coverage is what you’ll really need to sail through future uncertainties financially.

Future-proof Your Health By Consulting Certified Insurance Brokers

Regardless of age, time, and even financial planning, there is little doubt over the fact that a medical emergency can come knocking anytime. This, in turn, makes us all vulnerable to the risk of healthcare debt owing to rising medical costs. One of the cost-effective ways to beat medical treatment inflation is by buying a health insurance plan. 

However, spoilt for choices in the market, most of us dread the painstaking process of reviewing and comparing available policies in our search for finding the right one. That’s why you need the expertise and experience of Policy Ensures certified PosP who can help you understand the vital aspects of the available policies and guide you towards the right health insurance plan. As the popular saying goes, health is surely wealth. But considering the uncertainties of life, one truly needs some wealth in the form of health insurance to ensure good health.

Recently, we interacted with Mr. Pankaj Vashistha, Co-founder & CEO, Policy Ensure – a unique platform that has taken insurance business to a new dimension all together paving way to a BHAVI BHARAT, in which not only everyone is insured but also empowerring self-employment in insurance business by harnessing demographic dividend of great India.

Here are the interview highlights:

1. Can you give us an overview of Policy Ensure and the services it offers?

Ans. Policy Ensure is an insurance aggregator-broker based out of Gurgaon that distributes general insurances and intends to level up the insurance focus in India especially in tier 2 & tier 3 cities. Policy Ensure has built up its unique phygital model as compared to the other broker houses, that emphasis mainly on technology driven approaches.

Our company believes that distribution along with a little assistance is important for expanding insurance coverage, and technology functions as a facilitator rather than a primary factor in how business is conducted. We understand the importance of openness in the insurance sector and focus on locating the problems of mistrust & mis-selling that have come to light over the years.

Policy Ensure uses a phygital model, which entails having a physical presence at each area they serve, to accomplish its aims. Customers’ trust is increased and personalized interactions are made possible by this physical presence. The user-friendly technological platform that Policy Ensure offers makes conducting business easier and guarantees openness throughout the insurance transaction.

We combine distribution knowledge, technology facilitation, and transparency with our customers. In order to improve insurance penetration in India and meet the needs of customers in tier 2 and tier 3 cities.

2. How does Policy Ensure differentiate itself from other insurance providers in the market?

Ans. Policy Ensure is different from the other insurance providers in India as we adopt a distribution-driven strategy as compared to other broker houses that focus only on the digital technological approach to business that usually caters to the citizens in tier 1 cities. However, aligning with India’s vision of financial inclusion by 2030. Policy Ensure has created a unique phygital model where physical presence empowers trust and technology provides transparency and better choices.

3. Can you walk us through the process of how Policy Ensure helps customers find the best insurance coverage for their needs?

Ans. One of the main problems the insurance sector faces is mis-selling, which has been addressed by Policy Ensure by streamlining the insurance process for our customers. They must be fully aware of the insurance products they are buying since they are intricate contracts with a range of coverage alternatives.

Technology used by Policy Ensure gives customers a transparent and user-friendly platform. Customers have access to digital contracts using this technology that describes the details of the insurance policy, including coverages and premiums. This enables customers to make informed decisions based on their own requirements and preferences. 

4. What kind of insurance policies does Policy Ensure offer? Are there any specific industries or sectors that you specialize in?

Ans. With the aim of making India independent and secured, Policy Ensure has taken an initiative to increase insurance penetration in the country and being a catalyst for the growth of small towns by using the PHYGITAL way. We look at insurance distribution across General insurance specific to motor, health, accidental, cattle and home insurance for the tier 2 & tier 3 market. Keeping in mind the 2015 IRDAI form of licensing, the brand allows tier 2 & tier 3 citizens to become PoSPs and encourage the soft skills of entrepreneur ships for them. 

5. How has Policy Ensure adapted to the challenges posed by the COVID-19 pandemic? Have there been any changes in customer behavior or needs that you have had to respond to?

Ans. Policy Ensure has actively responded to these changes by prioritizing customer-centric solutions and leveraging technology to deliver seamless insurance experiences. By adapting swiftly, Policy Ensure has positioned itself as a trusted partner in the new normal, catering to the evolving needs and expectations of customers in India’s insurance market with the help of its POSP partners and sales /customer service team available locally.

6. What are some of the biggest challenges that Policy Ensure faces in the insurance market, and how do you plan to address them?

Ans. The primary challenge that we faced was navigating the regulatory environment of the insurance business that was ongoing in the current insurance ecosystem. It was essential for Policy Ensure to verify compliance with the regulatory standards since the market was so heavily regulated, and doing so required a time-consuming procedure.

However, we were able to overcome the obstacle by following rules and regulations and ensuring everything was done correctly.

The second issue we faced was internet accessibility, especially in tier 1 and tier 2 ranked cities. For their company concept, which blended a physical presence with technology, having a dependable internet connection was essential.

The government’s increased attention on the insurance industry and the expansion of telecom businesses have both increased internet usage, which has benefited us in business operations.

Policy Ensure has been able to establish itself in the market and broaden its reach by overcoming these difficulties.

7. How does Policy Ensure plan to expand and grow its business in the coming years?

Ans. The long-term objective of Policy Ensure is to overtake all other insurance distributors in India. Within the next three years. We intend to grow from 32 sites to 300 locations in the next two years. We are resolute that distribution is essential to any company’s success. In order to build a solid distribution network and broaden our client base, we are concentrating on increasing our physical presence in various locations.

We will keep investing in physical sites all throughout India and prioritizing our distribution approach in order to meet our long-term objectives.

We Strive to efficiently contact clients in several cities and towns by spreading insurance more widely and establish ourselves as the go-to option for insurance distribution.

8 . Finally, what do you think sets Policy Ensure apart from other companies in the insurance industry, and why should customers choose to work with you?

• Customer-Centric Approach: Policy Ensure places utmost importance on customer satisfaction and aims to provide personalized and tailored insurance solutions. The company takes the time to understand each customer’s unique needs and offers comprehensive coverage options that align with their requirements
• Wide Range of Insurance Products: Policy Ensure offers a diverse portfolio of insurance products, ranging from health and life insurance to property and vehicle insurance. This extensive range ensures that customers can find suitable coverage for their specific needs, all under one roof
• Innovative Phygital Distribution Network: Policy Ensure has pioneered the concept of a “Phygital Insurance Distribution Network,” which combines the convenience of digital platforms with the trust of physical presence. This innovative approach provides customers with a seamless and accessible insurance buying experience
• Strong Partnerships: Policy Ensure has forged strategic partnerships with leading insurance companies in India, enabling access to a wide network of insurers and ensuring a robust range of insurance offerings. These partnerships also contribute to the company’s credibility and trustworthiness
• Expertise and Experience: Policy Ensure is backed by a team of experienced insurance professionals who possess in-depth knowledge of the industry. Their expertise allows them to guide customers effectively, offer sound advice, and address any insurance-related queries or concerns
• Transparency and Trust: Policy Ensure operates with utmost transparency, ensuring customers have a clear understanding of policy terms, coverage, and claims processes. The company strives to build trust with customers by providing honest and reliable insurance solutions

Being a predominantly agrarian society, India heavily relies on livestock for agricultural activities, mostly in rural areas. Including cows and buffalos, cattle play a crucial role in the nation’s dairy industry, contributing majorly to milk production. So, similar to various other types of property or investment, cattle are susceptible to risks and uncertainties. To keep such risks at bay and safeguard the interests of farmers, cattle insurance is emerging as a valuable tool in India.

Let’s explore the essential aspects of cattle insurance in India, comprising its benefits, coverage, and process, as well as the option of acquiring such policies online.

What is cattle insurance?

Often referred to as cow insurance as well, cattle insurance is a risk management tool that provides financial protection to cattle owners against the loss of their livestock owing to various perils. A form of livestock insurance, it covers risks like accidental death, theft, death, and natural calamities. 

What are the key advantages of cattle insurance?

Cattle insurance offers many essential benefits to farmers and livestock owners. Here are the key benefits of opting for cow insurance online that proves to be an added advantage for cattle owners:

Providing Financial Security

Since livestock is a highly valuable asset for farmers, they often have to face severe financial consequences in the event of any loss or damage to their cattle. This is precisely why getting their cattle insured provides the livestock owner with an indispensable safety net. Opting for cattle insurance provides compensation to farmers against any losses incurred, ensuring financial stability, especially in challenging times.

Protecting Livelihood

Cattle and livestock farming often serve as the main source of livelihood and income for several rural households. Cattle insurance enables farmers to protect and sustain their income stream even in the face of adverse conditions. 

Mitigating Risks

Cattle face various heavy risks such as diseases, theft, and accidents. Cow insurance online helps mitigate such risks by providing coverage against these unforeseeable setbacks, allowing farmers to focus on agricultural activities without hindrances and constant worries.

Accessing Credit

In addition to the aforementioned benefits, cattle insurance also enables farmers to access credit facilities from financial institutions. Lenders tend to have a high chance of offering loans or credit to farmers who have insured their livestock since it mitigates the risks associated with lending. 

Coverage under Cattle Insurance

Cattle insurance policies in India typically provide coverage for the following risks:

1. Accidental Death: The policy compensates the owner in case of the animal’s accidental death due to causes such as accidents, falls, or drowning.

2. Disease and Illness: Insurance policies cover the medical expenses incurred for treating cattle, often prone to diseases, including veterinary services and medication costs.

3. Theft: In the unfortunate event of cattle theft, the insurance policy compensates the owner for the market value of the stolen animal.

4. Natural Calamities: Cattle insurance also provides coverage against natural calamities such as floods, earthquakes, cyclones, or lightning strikes that may result in the death or injury of the insured animal.

Obtaining Cattle Insurance Via A Certified Broker

There are multiple ways in which farmers can obtain cattle insurance. While online platforms are a popular choice in metro-cities and nearby areas, the lack of internet penetration and unavailability of smart devices especially in rural areas makes it ineffective for farmers in such regions. This is where Policy Ensures unique Phygital business model, which enables insurance access to reach the grassroots levels in India, has proved to be a major game-changer for farmers.

Farmers can leverage Policy Ensure physical presence on the ground through a certified Point of Sales Person (PosP) to understand all available options in their bid to find the cattle insurance that successfully caters to their specific needs. Amid the lack of awareness and non-availability of credible infrastructure, farmers in the non-metro regions can achieve financial stability on the back of a tailored cattle insurance policy in the event of an untimely death of their cattle or covered diseases.

Insure Your Cattle With Policy Ensure

An important part of the Indian economy, cattle rearing provides livelihood to many marginal, small, and medium farmers in the country. That’s why cattle insurance remains pivotal for farmers and livestock owners to safeguard their investments and, in turn, their livelihoods. But, lack of awareness and internet penetration in rural areas often denies farming communities of such regions an opportunity to get the best out of cattle insurance which can further trigger financial instability during unfortunate events pertaining to their cattle. With Policy Ensures certified PosPs, farmers in non-metro cities can now gain access to professional advice and expertise from reliable insurance advisors who can guide them in procuring the cattle insurance they truly need.

Here is an unsolicited advice for motorists across the country but especially to those living in many parts of the rain-ravaged North India – please do not try and start your vehicles, either two-wheelers or four-wheelers, if they are submerged in rainwater for some time.

Now, not many people know about this fact, but insurance companies will reject any claim of repairs for engines/vehicles damaged if they were submerged in rain or flood waters for any amount of time.

What this means that you will have to spend through your nose for engine repairs that could run into thousands of Rupees, depending on the damage. And of course, the time taken at the mechanic workshop given the long queues of vehicles requiring attention after rainwater recedes.

Then tremendous feel-good factor that envelopes us all when buying a new (or even second hand) vehicle – a scooter or a car or anything on wheels, prevents us from finding out the many details that eventually costs us a lot. And unless one has the right questions, it is not possible to get the right answers and advice, as is the case with car insurance claims.

What the car companies and insurance companies do not tell is that even the car manufacturers put in a disclaimer that their warranty runs out if water seeps into the engine, just like the mobile phone companies do not entertain claims if the rainwater induced moisture enters the mobile instrument.

Now here comes a practical advice from a general insurance company owner to the countless people whose vehicles got submerged in rain waters. Hundreds of thousands of people across North India today have their vehicles submerged in waters, which are going to remain like this till water recedes in few hours to many hours, depending on the intensity and duration of rain.

Rahul M Mishra, Co-Founder, Policy Ensure, told News24online that instructions from the car manufacturers and insurance companies are clear that if water comes to the radiator level do not start the car. The moment water enters the engine, then the whole engine becomes useless, and in those cases the claims are rejected if the vehicles have normal insurance cover.

“But perhaps after Chennai floods or so, many insurance companies have come up with add on cover for engine protection. Nowadays it has become a habit when you buy a new vehicle the dealer gives engine protect also as an add on, and it is advisable that one takes it even though one may have to pay an extra so that one is not denied insurance claims,” Mishra said.

Before the advent of engine protect as an add on service too, the insurance companies ought to have considered the claims even for vehicles that were submerged in water, consumer organisations argued but in practice denial was the norm.

“Even today, even if one has not taken add on of engine protect, people can get the insurance claim as long as they have not started the car that stalled in rainwater,” Mishra said advising motorists not to try and start the vehicle (two-wheeler to four-wheeler) but inform the car dealer and insurance company and wait for them to respond with mechanics.

If anyone lies that they did not start the vehicles, there are expert mechanics employed with the insurance companies claims department who can find out exactly whether there were attempts to start the vehicle, Mishra said.

Even during normal rainless days if the vehicle stalls driving through waterlogged areas, best is to avoid trying to start it. Instead seek professional help through the insurance company, which these days offer a range of services, onsite and on the road assistance etc, Mishra said.

Motor vehicles is one aspect and there is some chance of cutting losses by getting claims as by law vehicles must be insured, in some form or the other.

Just imagine the losses people have, say in Himachal Pradesh or Uttarakhand, where people have lost their houses to the devastation caused by the floods. “Most of the houses and shops and establishments are not insured, and it breaks my heart to see that people have suddenly been dragged onto the streets,” Mishra said urging the government to think of ways and means to increase insurance cover for properties.

“Of course, it can only be done through education and creating awareness. People may think that the insurance companies are scaremongering to increase their business, but just think of how much the people would have been saved, at least a major portion of their life’s belongings if only their properties were insured,” the insurance company founder said.

Now, the full extent of the damage in terms of money caused by the nature’s fury, unleashed in the form flooding that destroyed properties and damaged vehicles, will be known only after normalcy returned.

Till then, be wise and listen to the insurance experts, and save money and mental peace.