BETA VERSION

Expert Speak

Know about Earthquake Insurance

" You can't prevent it, but you can be well prepared to face it! "

People in India have very little knowledge about the Earthquake Insurance which can easily fits into their budget and can help to insure their house, vehicle and belongings against the natural calamities. Natural calamity insurance has not received its due in our country despite the fact that 58.6% of land in India is prone to earthquake and 8.5% area is vulnerable to cyclone.

As high magnitude earthquakes have hit the neighbouring country Nepal in the past month, people have started enquiring & showing interest in the policies that cover their homes and its contents. Such policies are usually of two types- one covering the structure and construction costs in the event of damage to the property due to natural calamities while the other insuring belongings and household contents.

This is not a separate product and comes bundled with either your home or property and auto insurance plans. 15 days is the grace period of any earthquake insurance, if any harm is caused within 15 days of insurance then no compensation is paid. The compensation is calculated based on the market price of building at the time of the natural calamity. In an earthquake prone zone, the premium for such insurance plans may be higher, as compared to the rest of the country. Those residing in seismic zones should buy home insurance to protect themselves. Even if you are staying in a rented house, you would be needing insurance against any damage to the contents of the house.

This insurance is of utmost importance, you may seek the advice of an expert who has requisite knowledge about the product and then go for it!

For more details, you may write to us:    info@alankitinsurance.com

Have you given a thought for a guaranteed Pension?

“Will you be able to live your dreams and meet the needs of your loved ones after your retirement?Plan for it with Confidence!”

Surveys show most of the Indians do not give priority to Retirement Savings. People keep themselves so busy with work, family and investing in other instruments that they forget to plan or think about what they will do when they retire! When you are young, retirement seems like a distant goal, but you should start early and plan for your golden years to have a secured retirement. With time on your side, saving for retirement becomes a much more exciting affair.

The goal of your retirement savings is to build your own pension. In future when your current stream of periodic income will cease, you can replace it with the pension you have built for yourself.

A major portion of employees (even in the organised sector) today are also not covered by any guarranteed pension scheme. With better nutrition and improved medical care, today's generation has to plan for a much longer retired life.

The inflation factor will also come into consideration while estimating your pension needs. Inflation in the country has averaged 8 per cent in the last ten years as opposed to 5-6 per cent in the decade before. This has significant implications for the amount of pension you will need and the savings you need to make today.

Start small and then gradually you can keep increasing the amount you save each month. The sooner you start saving, the more your money will grow. Follow a systematic plan, stick to it and set your financial goals!

For more details, you may write to us:    info@alankitinsurance.com

Some Common Mistakes you should avoid while buying Life Insurance:

“The well-being of your family is the first thought that comes to your mind whenever you are planning for the future. A Life insurance policy not only provides security to your family members, but also helps you meet your financial needs during your lifetime.”

Taking Life Insurance lightly: Usually its observed that people who would happily insure their property or vehicle, do not even consider buying life insurance and insure their lives. One must invest in a life insurance policy at the right time with the right amount as the untimely death of the earning member of a family can financially unsettle the rest of the family.

Inadequate research before buying: In absence of adequate research, you might settle down for an average plan. Do your research on various plans and then go for the most suitable one as per your requirement.

Not buying at the right age: Buying insurance at the right age can help you cater to the different financial requirements arising at different stages of your life.

Not reviewing your insurance needs: You may start with one or two policies in your portfolio, but you must review your requirements time to time and buy policies accordingly.

Considering insurance just as a tax-saving tool: This is the common mistake people make, in order to save tax people buy policies that may or may not meet their financial objectives. Tax saving is one of the benefits that comes along with insurance.

For more details, you may write to us:    info@alankitinsurance.com