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The cost of health insurance has continued to rise, forcing many policyholders to either opt for a cheaper policy or terminate the entire policy. In the latest industry statistics, it was found that 10 percent of the policyholders did not renew their health insurance this financial year due to high premium rates.
The following are the main causes of the increasing costs of health insurance:
As per recent data, 10% of the policyholders were subjected to an increase of 30% or more in their premiums, but only half of them dropped their policies or failed to pay the full amount of the increased premium.
However, the renewal rate is still healthy at 90% up by 10% from the previous year as per Amit Chhabra, Chief Business Officer – General Insurance at Policybazaar.
To deal with the increase in premiums, the following measures are being taken by the policyholders:
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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Arjun has a car that is four years old and most of the parts are performing well. However, the engine started showing some issues and he immediately went to a nearby auto repair shop to get the problem checked. The mechanic clarified that the engine required replacement. As Arjun has a car insurance policy, the insurance company paid the expenses that saved a lot of money.
The thrill of purchasing your first bike is exhilarating. However, before the engine roars and you begin your journey to the open roads that await, do acquaint yourself with the bike insurance-related jargon. Especially while buying the bike insurance plan online, you should be clear about who is a first, a second, or a third party in insurance. This is dissimilar to the first-party or third-party bike insurance policies offered by insurance companies in India.
Anyone willing to ride/operate a two-wheeler on the highways in India must acquire a driving license. There are several types of driving licenses for different types of vehicles in India. MCWG is one such type of driving license that allows individuals to legally and freely ride two-wheelers, including heavy two-wheelers, on Indian roads.
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Wondering about what is Taxi insurance ? It is a highly specific type of insurance that offers coverage for owners of taxis, who are an indispensable part of our public transportation ecosystem throughout the country. Here’s learning more about the same.
