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5 years ago · by · 0 comments

Importance of Having a Home Insurance Policy in India

Home is a priceless asset involving lifetime savings, aspirations, and efforts. Along with providing security and protection, your home houses the valuables of your life, such as jewellery, expensive gadgets, devices, antique items, and a lot more. Considering the climatic changes, environmental destruction, and possibilities of man-made vandalism, you have to agree that home can be shattered anytime.
To protect your home against the climactic destruction or man-made vandalism, a home insurance policy is a must. The cost of rebuilding your home can definitely burn a hole in your pocket. Also, for some people rebuilding the entire home is not possible at all. Hence, protecting this precious asset becomes crucial. We at Safetree offer need-based affordable home insurance policies that will safeguard your home from natural and man-made damages.

A Home Insurance Policy covers the structure of your home and the contents, which include protection against the damages caused due to fire, explosion, natural calamities like flood, earthquake, storm, and man-made destruction from riots, strikes, theft, burglary, etc.

A basic home insurance policy offers cover in 3 ways:

  1. Reinstatement value: Under this coverage, the insurance company gives an equivalent amount of the cost of home construction, excluding the value of the land.
  2. Agreed value: This coverage provides an amount equivalent to the cost of your home construction, including the value of the land.
  3. Indemnity value: Under this coverage the insurer provides the current value of the home by deducting the depreciation value depending on the age of your home.

What is covered under home insurance cover?

If you purchase an advanced home insurance policy, the insurer will offer protection against the damages caused to furniture, electronics, artworks, and jewellery. You can avail coverage for other content by selecting either indemnity value coverage or reinstatement value coverage. During valuation, you should declare the content cover through bills and invoices. However, in the case of reinstatement value coverage, the insurer will provide cash for the insured items without deducting any depreciation cost of wear and tear. Amongst the above-mentioned 3 types of home insurance coverage, the reinstatement value costs more than the others.

There are a few special home insurance policies that cover the living expense of the policyholder when he/she is unable to stay in their home. However, the police are subjected to terms and conditions such as the duration, etc. Under some packages, you can claim for personal accident damages and compensations for the permanent or partial bodily damages caused in an accident. Depending upon your requirements, you can choose the coverage for your home insurance policy.

What are the exclusions of a home insurance policy?

  • Any loss or damage caused due to civil wars, wars or related perils
  • Loss of cash
  • Any damages or loss caused due to depreciation or wear and tear of items
  • Any loss caused due to pre-existing damages, defects and wear and tear
  • Theft or attempted theft from open spaces like a yard, gardens, etc.

Benefits of purchasing the home insurance policy

  • A home insurance policy with extensive coverage covers all the valuables like jewellery, laptops, mobile phones, other electronic devices, and other valuables, along with your home structure and land cost. You can also choose additional covers and riders while purchasing the policy
  • The policy offers a replacement for loss: Depending upon the insurance plan you have chosen, you can get the damaged goods replaced with new items instead of getting the equivalent cost of those items
  • Damages caused by all types of natural calamities are covered under the basic as well as advanced home insurance plans. As mentioned above, repairing your damaged home can cost a fortune. In such cases, a home insurance policy will save you from the financial crisis
  • Home insurance policies are less expensive. You may feel a home insurance policy is an unwanted expense, but you have to agree, eventualities do not come knocking. The only way to protect your home and the valuables and to safeguard yourself from the financial loss is by purchasing an adequate home insurance policy. For a home insurance policy of Rs. 4,000,000, you may just have to pay an annual premium of Rs. 2,000. And comprehensive coverage may cost you around Rs. 5000 for a year.

At Safetree, we provide round-the-clock assistance and expert advice to help you select the best insurance plan that meets your requirements. We also provide technology-based customised insurance solutions to eliminate your insurance-related issues. Visit our website and explore our wide range of insurance policies offered at affordable premium rates, and pick your ideal home insurance policy today!

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5 years ago · by · 0 comments
Travel Insurance

Travel Insurance and Coronavirus: All You Need To Know About Covid-19

The corona virus pandemic is taking its toll on people all over the world. Day by day the corona virus is spreading rapidly causing thousands of deaths. While most countries are battling against the pandemic, a few countries have declared themselves free of corona virus and are now open for tourists. However, all the countries in the world are still taking stringent measures to cease the spread of the virus.

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6 years ago · by · 0 comments
Risk Expert

Risk Janampatri – A new beginning to identify most appropriate risk mitigation solutions

Living in an Age of Constant Uncertainty

‘The uncertainty is constant’ is a fact. Due to our lifestyle, all of us are prone to risks that were not even assumed to exist in older days. The introduction of newer technological changes such as wireless networks, 5G, etc., has increased the risks of uncertainty given our limited knowledge of new technologies and their impact on the health of humans and ecosystems. In addition, the natural calamities such as forest fires, floods and earthquakes have added new dimensions in these uncertain times. The impact of Covid-19 on the economy is extremely fearful and difficult to comprehend. A few research reports have indicated that the treatment of a few diseases, such as tuberculosis, may get further complicated, and the period of recovery for patients may get extended in the post-Covid era.

Why Is Financial Risk Increasing Rapidly?

Furthermore, I believe while the risk of uncertainty is always there, it’s increasing at a rapid rate. While many risks are beyond our control, we can still mitigate the impact of financial risk to a large extent by taking timely actions. By taking care of our physical and mental health, we can significantly reduce the risk of health problems. Similarly, individuals can timely transfer the risk to an established institution; they can mitigate the financial impact of the risks due to any hazards to a large extent. For example, by purchasing home insurance, an owner transfers various risks due to fire, earthquake, floods, etc. to an insurance company for a small sum of money. Hence, any subsequent losses to the owner due to these hazards will be borne by the insurance company, and this smart customer does not suffer any material financial loss, as he had transferred the risk.

Hence, this mounting risk of financial uncertainties makes it essential for individual customers to have an effective risk mitigation mechanism. Insurance is the most popular financial instrument to cover these risks.

However, no insurance is worth it if it’s not optimal. In other words, it is important to be optimally insured. The optimal level of insurance is based on the risk profile of an individual customer; however, this risk assessment is generally not considered while selling the insurance products. In the absence of risk profiling, normally the same products are sold to customers with different risk appetites.

Understanding Risk Mitigation Through Insurance

Let’s illustrate this with a simple example: A person with low risk appetite (with limited ability to absorb losses) should ideally buy motor insurance with higher Insured Declared Value (IDV) and with add-ons such as zero depreciation, etc. This will ensure he does not pay any material charges to the car garage in case of any accidental claim subsequently. Similarly, a person with a higher risk appetite can save money on insurance premiums with lower IDV and nil or minimal add-on options. However, as these risk assessments do not happen while purchasing insurance products, it results in customers buying products not in accordance with their risk appetite. Hence, a person with a higher risk threshold will complain that he was sold an expensive product without any utility. Similarly, a low-risk-appetite individual will feel upset to pay a huge amount to the garage at the time of any claim in the absence of add-on options such as zero depreciation.

Currently there is another challenge. There is no tool to calculate the risk appetite of the individual customers, and most of them do not fully understand the risk terminology and their risk appetite.

In order to overcome this challenge, SafeTree has developed Risk Janampatri, a tool that immediately calculates the risk profile of the customers. Customers choose their options for various life situations, and the tool automatically calculates the risk profile of the customer. Finally

The customers can select insurance products based on their risk profile. This results in a happy and satisfied customer.

This is a new beginning in selling insurance products as per the profile of the customer.

Want to know your Janampatri risk? Visit our website.

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6 years ago · by · 0 comments

Lost your Job? It’s not the End of World, It Might be a New Beginning!

Losing a job is deeply shocking. It is a loss of livelihood: the ability to support ourselves and our families. Furthermore, the emotional impact goes beyond financial stress. For many people, loss of a job means loss of our identity or sense of respect, which can be devastating.

The COVID-19 pandemic has significantly impacted the economy and business worldwide; some industries might not recover for a long period. It has changed the dynamics of operating business, with no clear timelines for returning to old times. A post-pandemic economy will make finding a job extremely challenging. Can a pilot or a hotel professional find an alternative career option that is satisfying after losing their job with the airlines or hotel industry, respectively?

In a study conducted by an international institution, they found that most people who were forced out of a career, do manage to create meaningful futures and even feel more contented than they did before. This happens as they come to terms with their disrupted identities and start to see new possibilities. Often, they discover a part of themselves that they barely knew existed.

In case you are impacted by Corona, please consider the following points:

  1. No one can avoid stress. We need to learn ways to manage stress. A small amount of stress is good and helps to drive innovation and manifest creativity. Control your stress by doing breathing exercises or engaging in physical exercises.

In a training session, a trainer asked his participants how many of them felt stressed. Everyone answered yes. Then he asked how many of them wanted a stress-free life. Again, everyone replied, ‘Yes.’ He said on the way to this training session, he found people with no stress, and they were in a crematorium. He further enquired whether anyone would want to visit that place for a stress-free life. The answer given by the people was no. The point is that all living beings get stressed, and we should learn ways to manage this living.

  1. Please don’t underrate your strength and control your emotions. Human beings are wonderful creatures with unlimited potential. 

During the decade-long recession, also known as the Great Depression, in the US from 1929 to 1939, millions of jobs were lost. Currently, few economists are referring to ‘The Great Depression of 1929’ while sharing their forecast for the economy post-Covid. However, even during those gloomy days of the Great Depression, big institutions were built and multiple new innovative products were developed. 

During those days, one individual known as George Jenkins with limited savings opened a shop of non-perishable items in a neighbourhood shack with one thing in mind – that if he was not able to sell them, then he would use them. Today this enterprise (Publix Food Store) has over 1000 stores in the US and an income of US$ 30 billion.

Similarly, a large farmer had huge quantities of unsold potatoes. To prevent them from getting rotten, he created a storage facility that we now know as cold storage.

These individuals came up with simple solutions during ‘The Great Depression of 1929’, and those initiatives created huge organisations today.

As someone said rightly – “In tough times some people break records, while other people break themselves.” You have a choice – either create an opportunity and make a new beginning or waste the time.

If you wish to be a part of the first category, then we can help you be your boss, gain new skills and knowledge, earn more money, and attain high self-esteem. Safetree is an avid supporter of the ‘Saksham Bharat’ programme, an initiative where we provide necessary training and skills to boost your income and develop a career by working a digital platform.

You can become a financial and risk expert through our training masterclasses. You can earn financial freedom and security, support society through your knowledge of risk-mitigating products, and enjoy a digital workspace – all with just a click, anywhere, anytime.

Together with the ‘Saksham Bharat’ movement and Safetree, start a new chapter of your life. Call us at our toll-free number 1-800-572-6647 or email us at partners@safetree.in.

Remember, ‘You’ve Just Lost A Job, Not Everything!’

About the Author
📞 Shiva Vikas Kumar – +91 9210044039
✉️ vikas.kumar@safetree.in
🌐 www.safetree.in 

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