Getting car insurance can be a tedious process but it is not something you should be without. Other than being a mandatory requirement in the UAE under RTA law, it also has a variety of benefits to offer you. There are two types of car insurance in UAE- Third Party Insurance and Comprehensive Car Insurance. The policy duration for both is the same - thirteen months, post which you are required to renew your car insurance.
It is crucial to get this done before your car insurance expiry date comes around. While it may be the easiest to just click on auto-renew and carry on, there are a few factors that you should pay attention to. You should know about the following factors which are crucial to getting the best deal on your car insurance renewal. Renewing car insurance before expiry of policy A car insurance contract in the UAE is for 12 months with one extra month as a grace period to complete your car insurance renewal process. Failure to do so can result in problems like facing late registration fines or your car being confiscated. To avoid this, keep track of your insurance dates and make sure you renew your car insurance in UAE on time. An insurance broker will help you negotiate a better deal with multiple insurance companies to ensure you get the best price and deal for the money paid by you. Explore Car Insurance renewal options with Brokers The auto-renewal button on your current car insurance company page may be tempting to click, but you may be missing out on better offers. Car insurance companies in UAE are constantly upgrading their offerings, making this a good time to take a look around the car insurance market, so you get the best deal. Approaching a well-established Insurance broker will provide you with more options and deals which may not be given by the insurance company. You should explore these options with an insurance broker to ensure you’re getting the best rates and benefits that suit your unique needs. Scan the market for the best car insurance Everyone has different needs when it comes to car insurance, and you need to first figure that out before purchasing. For this, you should first list down your requirements, make a budget and use this as a base to understand your coverage needs. If you do not have time to do so, you can approach well-established insurance broker to help you break the clutter and provide you the best car insurance policy as per your needs. Documents Required for Renewing Car Insurance policy There are few documents that you need to provide while you renew your car insurance in UAE. If you are carrying out the renewal process online then you must arrange for scans of these documents. If you are doing this in person, remember to carry physical copies of them. The list of documents needed for renewing car insurance in UAE include:
Renewal Process Renewing your car insurance in UAE is online is a quick and easy process. For this, you need to:
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In India, you can seldom find an individual who has never invested in a life insurance policy. Irrespective of one's income, people invest in such policies to lead a happy life. However, while investing in a life insurance policy, people rarely look beyond the Sum Assured (SA), the amount the policyholder's nominee receives in case of a claim. Hence, they may or may not get the same returns as a fixed deposit (FD). Typically, life insurance returns are 1% to 2% lower than the prevailing FD interest rates. But, informed investors know that there exists a special life insurance policy that generally provides higher returns than conventional policies - Unit Linked Insurance Policy or ULIP. As the name suggests, ULIP is a market-linked insurance policy. In a ULIP, a part of your policy premium goes to the capital or secondary market, while the other goes to the life cover. Since both ULIPs and life insurance policies offer the same tax saving, wise investors prefer ULIPs more. However, besides returns, there are a few other factors that differentiate ULIPs from life insurance. The following sections discuss the top differences. source The Difference in the Types of Policies: You can buy three types of life insurance policies in India - term, whole life, and endowment.
A ULIP offers you three broad fund options to park your money - equity, debt, and balanced, besides deducting a specific amount for the life cover.
Usually, equity funds offer maximum returns. Hence, a ULIP is the best-suited when you want higher returns plus life cover. The Difference in Risk and Returns Let's start this section with a fact - Unlike ULIPs, conventional life insurance products from reputed insurers provide assured returns. Still, most modern investors prefer investing in ULIPs. Conventional life insurance policies are not linked to the market, meaning they inform you of the Sum Assured and returns when the policy commences. In contrast, a ULIP policy mentions the Sum Assured, but the returns depend on market conditions. Back-of-the-envelope calculations suggest that ULIP policyholders earn more significant returns than conventional life insurance policyholders. Moreover, since you can freely switch between equity, debt, and balanced, informed investors use this feature to maximize their returns. For example, if the market tumbles, you can invest in equity to capture the momentum and earn more when the market resumes its upward journey. And, when the market reaches its peak, you can conveniently switch to debt to protect your capital. A ULIP is a dynamic investment. If you choose to invest in debt or equity, you may have to monitor your investment often. Conversely, investing in a balanced fund is wise if you do not have the time or know-how to handle the switches. source
ULIP vs. Life Insurance - Which Is Better? Both ULIPs and life insurance offer tax savings, safety, and decent returns. But, since the Indian economy and the stock market are growing faster than before, Indian investors are turning more towards ULIPs. Hence, if you want decent returns and sizeable tax savings, look no further than a ULIP. Edelweiss Tokio has set a benchmark ULIP industry. Its flagship product, the Edelweiss Tokio Life Wealth Secure Plus, is ranked number one ULIP in India by CRISIL. |
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February 2022
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