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The process of renewing your current bike insurance policy is known as bike insurance renewal. As a result, you are aware that each two-wheeler insurance coverage has a set time of validity. You must renew your insurance after the validity period, which may last for any number of years, has passed. Renewal of your bike insurance is crucial if you want to maintain your legal protection under the policy. Below are the steps for bike insurance renewal online at PayBima’s website: 1. Go to the portal of PayBima 2. Submit your bike's RC number along with other information like type of fuel, model and make of bike, registration year and city where you registered your bike etc. 3. Submit the renewal date of the bike insurance plan as well as the insurer details whom you have bought the policy from. 4. Now submit some personal details like name, Mobile number, tenure of policy etc. and click ‘Continue’. 5. You can see different quotes on your screen. Compare them to buy the best policy suiting your requirements. Here, you can also choose add-on covers to augment the coverage of your insurance. 6. Once done, proceed to ‘Buy Now’ and make the payment. The policy document will be sent to you through email on your registered ID. For more info: https://www.paybima.com/motor-insurance/bike-insurance/renewal/

An arrangement between an insurance company and a policyholder is referred to as a health insurance policy. By paying a premium, the policy provider agrees to give the policyholder with financial support for medical expenses. The policyholder has the option of choosing the cashless claim feature or receiving payment for medical services, hospital bills, surgical expenses, etc. The insured can receive treatment at a network hospital using the cashless claim option without worrying about the cost. Through an agreement, the insurance provider and the affiliated hospital pay the policyholders' bills. There are 2 types of health insurance plans: 1) Indemnity health insurance plans - When receiving treatment, hospitalisation costs would be covered by an indemnity health insurance coverage. Simply said, up to the sum insured maximum of your plan, the actual hospitalisation costs are covered. The most popular option for families, individuals, and senior citizens is this type of basic or comprehensive health insurance. These plans pay for in-patient care costs, physician fees, ICU fees, surgery, room rent, medications, pre- and post-hospitalization costs, etc. Additionally, the majority of health insurance providers provide cashless medical care for clients with indemnity-based health insurance plans. 2) Fixed benefit health insurance plans - A fixed amount is paid as coverage for specific predetermined illnesses or conditions in a fixed benefit health plan. Regardless of the actual medical costs, the payment is made as a flat sum. These policies are thought to be beneficial if you're looking for coverage for accidents or protection against particular critical illnesses. For more info: https://www.paybima.com/health-insurance/

A top-up insurance plan is a type of health insurance where you get to pick the deductible amount and the amount insured. After then, the top-up medical insurance plan covers the excess claim if you have a claim that exceeds the deductible cap. Every time a claim is made, the deductible limit is in effect, and the top-up insurance policy is only activated when the claim amount exceeds the deductible. For Example - Consider purchasing a top-up health insurance plan with a deductible of Rs. 5 lakhs and an insured amount of Rs. 10 lakhs. There is an insurance claim for Rs. 6 lakhs. In this situation, the top-up insurance policy will pay the excess claim of Rs. 1 lakh because the claim is more than the deductible. However, the top-up plan will not pay any claims if your claim totals less than Rs. 4 lakhs or any sum below Rs. 5 lakhs; you will be required to pay the remaining balance out of your own pocket. Even in the case of subsequent claims, the expense amount should be above the deductible limit to avail claim from the policy. Like in the above policy, if the second claim is 4 lakhs, which is below the deductible of 5 lakhs, then there would be no claim payout. However, if the claim is 6 lakhs the payout would be only Rs 1 lakhs as the deductible is applied in each instance of a claim. For more info: https://www.paybima.com/health-insurance/super-top-up/

The best way to understand what an endowment plan is as a type of life insurance plan that combines the advantages of saving with life insurance. The plan aids the policyholder in regular savings throughout time, enabling the insured to receive capital at the conclusion of the insurance period. In this case, the insured can get the maturity amount at the conclusion of the policy if they live longer than the policy’s duration. However, the nominee receives the sum as a death benefit together with the bonus if the insured passes away within the policy’s term. As a result, an endowment plan allows the insured to contribute to the development of wealth that can be used to support the insured’s long-term financial objectives. Some of the common Endowment Plans available in India: · Unit Linked Endowment Plan · Full/With Profit Endowment Plan · Low-Cost Endowment Plan · Non-profit Endowment Plan · Guaranteed Policy Endowment Plan Benefits of an Endowment Plan: · Death/survival benefits · Greater returns · Premium · Tax benefits · Low risk For more info: https://www.paybima.com/investment/endowment-policy/

The most fundamental and straightforward life insurance options, term policies are cost-effective and advantageous. It's crucial to check if the insurance provider honours the beneficiary of the insured's claim and pays the death benefit in line with the terms of the policy. Understanding the process of claim settlement and being aware of the Term Insurance Claim Settlement Ratio (CSR) is very important for policyholders. The ratio of claims that are settled by an insurer during a policy year as against the complete claims that the insurer receives during the year is called Claim Settlement Ratio (CSR). For example, if you buy insurance from a company offering 99% CSR, it implies that the insurance company has settled 99 out of 100 claims that they have received during the financial year. Claim Settlement Ratio (CSR) is an aspect that is required to consider prior to making a policy buying decision. The formula to calculate term insurance settlement ratio = (Total number of claims settled during a financial year /total number of claims received by the insurer in that year) x 100 For obtaining term insurance plans, it is important to check the CSR of term plans offered by several term companies. With good knowledge of the claim settlement process and the CSR of insurance providers, it is easy to procure the best term plan. For more info: https://www.paybima.com/term-insurance/claim-settlement/