Add Value, aspires to be your one-stop-shop for all your insurance needs. This is how Add Value will assist you:

1. Add Value brings in all the major insurance companies under the same website so that you can compare and select the best suited for your needs.
2. Add Value simplifies the insurance jargon from the policy details and ensure that you understand the policy completely.
3. Our team of experts will give you advice on the best-suited policy. The choice of insurance still remains with you. Our interest lies in providing you with the best policy at competitive rates.

Insurance being a regulated no agent can give you a deal cheaper than what the insurance company has set. The best way to save on insurance premiums is to take a well-informed decision by comparing various insurance policies available in the market.

As a licensed broker, Add Value gets its commission from the insurance company and not the client. This enables us to give our clients a wider, unbiased choice of policies based on their needs.

 As a broker, we represent our clients and all our dealings are done keeping in mind what is best for our customer.

Insurance being a regulated no agent can give you a deal cheaper than what the insurance company has set. The best way to save on insurance premiums is to take a well-informed decision by comparing various insurance policies available in the market.

Add Value is a Direct Insurance Broker licensed by the Insurance Regulatory and Development Authority of India (IRDAI) since 2014. This gives us the authority to sell insurance policies across all insurance companies in India. We offer a choice of plans available in the market, through our website, www.addvalueinsurance.com.

Here you can find the right insurance policy for you from a choice of plans which is best suited to your needs at the click of a button.

There are 3 main reasons how we are different from other websites.

1. a) SMART COMPARISON ENGINE: We’ve developed a smart comparison engine that uses business inputs from our insurance experts with years of experience in the industry and algorithms designed by our technology experts. When you put in your details, it processes that information and shows you the shortlisted and recommended plans best for you in terms of both prices as well as features.
2. b) KNOWLEDGEABLE SUPPORT TEAM. Our team comprises of industry experts and is equipped to help you solve all your queries and issues. Your dedicated relationship manager is always there for you to help with your claims or to understand the complex insurance jargons. In the case of disputes, our experts will guide you accordingly.

c) EASY POLICY MANAGEMENT:  In case of any policy-related needs like changing contact details or simply printing a tax certificate, everything is available to you once you log in.

Currently, you can buy all general insurance products. This includes motor insurance, health insurance, home insurance, and travel insurance.

There are various methods of paying online through credit card, debit card or net-banking.  In case you wish to pay via cheque, you can contact us and our support team will assist you with the same.

At Add Value, we have worked hard to ensure you understand all the features of the plan while shortlisting on the website itself. If you still need help, our support team is available to help you with the queries.

We work with the best payment gateway available in the country, to ensure that your transaction is completely secure with us. We take care that all your information stays safe and secure.

A number of members and relations to be covered- Because this will be the basis of buying the policy.

• Type of coverage – Individual, family floater or group.
• Sum insured or coverage amount – Ensure that you consider future expenses too.
• Room rent – Check for the capping amount or criteria defined, if applicable.
• Sub-limits or co-pay applicable – Check for the sub-limits applicable for some specific list of ailments or package treatments. Also, check if the plan has a co-pay feature.
• Network hospital list – Check for the list of network hospitals and try buying a policy which covers your regular hospitals.

•    The Policy wording – Most important thing to check before buying a policy. In case you are not sure about certain terms or conditions you can always contact the insurer for clarification.

Claims can be registered in two ways:

1. a) Cashless claims: You must contact the TPA help desk at the time of hospital admission. Submit the claim form along with the doctor’s reports to seek approval. Once the request is approved, TPA settles the bill directly with the hospital.
2. b) Reimbursement claim: Once hospitalization is completed and the hospital bill is settled, you need to send the claim form, discharge form along with the doctor’s prescriptions and reports to the insurer. The insurer investigates the documents submitted and then revert backs with the decision on claim settlement.

Every policy comes with a free look period of 15 days after buying a policy to understand the terms and conditions. In case there is any objectionable clause, you can cancel the policy and get a refund. Stamp duty, expenses on medical check-up and proportionate risk premium (the number of days that the insurance company was at risk of bearing your health expenses) would be calculated while the premium amount is refunded. Refer the policy termination or policy cancellation section in your policy wording to know the exact. Note: For a refund, there shouldn’t have been any claim during the policy period.

Insurance contracts that do not come under the domain of life insurance are known as General Insurance. Any insurance policy insuring anything other than a person’s life is called as general insurance. General insurance policies are classified as follows:

• Health Insurance
• Motor Insurance
• Travel Insurance
• Home Insurance
• Commercial Insurance
• Marine Insurance There is altogether 30 general insurance companies in India. List of Non-Life Insurance Companies in India 2017
• Agriculture Insurance Co. of India Ltd.
• Apollo Munich Health Insurance Co. Ltd.
• Bajaj Allianz General Insurance Co. Ltd.
• Bharti AXA General Insurance Co. Ltd.
• Cholamandalam MS General Insurance Co. Ltd.
• Export Credit Guarantee Corporation of India Ltd.
• Future Generali India Insurance Co. Ltd.
• HDFC ERGO General Insurance Co. Ltd.
• ICICI Lombard General Insurance Co. Ltd.
• IFFCO Tokio General Insurance Co. Ltd.
• HDFC General Insurance Company Limited
• Liberty General Insurance Co. Ltd.
• Max Bupa Health Insurance Co. Ltd.
• National Insurance Co. Ltd.
• The New India Assurance Co. Ltd.
• Oriental Insurance Co. Ltd.
• Raheja QBE General Insurance Co. Ltd.
• Reliance General Insurance Co. Ltd.
• Religare Health Insurance Co. Ltd.
• Royal Sundaram Alliance Insurance Co. Ltd.
• SBI General Insurance Co. Ltd.
• Shriram General Insurance Co. Ltd.
• Star Health and Allied Insurance Co. Ltd.
• Tata AIG General Insurance Co. Ltd.
• United India Insurance Co. Ltd.
• Universal Sompo General Insurance Co. Ltd.
• Kotak Mahindra General Insurance Co. Ltd.
• Aditya Birla Health Insurance Co. Ltd.

Let us understand the factors that affect insurance premiums. We will now put light on the following:

Two Wheeler Insurance Calculator:

The premium for your two wheeler insurance depends on the Insured Declared Value (IDV) based on the ex-showroom price, depreciation, zone of registration and the cubic capacity of the two-wheeler (only in case of third-party insurance).

TWO WHEELER AGE    IDV

Between 0 to 6 months    95% of the Ex-showroom price

Between 6 months to 1 year    85% of the Ex-showroom price

Between 1 year to 2 years    80% of the Ex-showroom price

Between 2 years to 3 years    70% of the Ex-showroom price

Between 3 years to 4 years    60% of the Ex-showroom price

Between 4 years to 5 years    50% of the Ex-showroom price

The IRDAI decides the third-party insurance premium for your two wheeler insurance. The current rates depending on the cubic capacity are mentioned below:

TWO WHEELER CUBIC CAPACITY    PREMIUM (RS.)

Not exceeding 75cc    Rs.569

Exceeding 75cc but not exceeding 150cc    Rs.720

Exceeding 150cc but not exceeding 350cc    Rs.887

Exceeding 350cc    Rs.1,019

Car Insurance Calculator:

A car insurance premium calculator is a vibrant online tool to figure out the quotes of different insurance policies in India.

The car insurance premium is calculated based on the below mentioned formula.

Own damage premium – (depreciation + NCB) + Liability premium

The premium for your car insurance depends on these factors:

• IDV
• Cubic capacity
• Manufacturing year
• Geographical location
• No claim bonus (NCB)
• Remember that a car that is new will always have the maximum IDV, but will gradually lower down due to depreciation.

Mentioned below are the standard rates of depreciation specified by the Motor Tariff Act:

YOUR CAR’S AGE    DEPRECIATION %

Up to 6 months    5%

6 months to 1 year    15%

1-2 years    20%

2-3 years    30%

3-4 years    40%

4-5 years    50%

Health Insurance Premium Calculator:

There are many factors that decide the health insurance premium. Mentioned below are the factors that are taken into consideration while deriving the premium amount for your health insurance:

• Marketing and Management Costs: These expenses are none other than advertisement costs, marketing costs, broker’s commission and other operational expenses.
• Mortality: In case of any uncertainty to the insured, the insurance company bears this cost. This, however, fluctuates depending upon the age and the income of the insured person.
• Personal history: Your habits like consuming alcohol, drugs, smoking and age are all taken into consideration by the insurance company based on which your premium is calculated.
• Medical underwriting: In order to refrain the insurance company from suffering any losses, the medical underwriting process is taken into consideration. This is the reason insurance products are always underwritten first to maintain a balance between individual and group insurance policies.

Term Insurance Premium Calculator:

Term insurance premium calculator will help you to compare and analyze your insurance requirements. The below-mentioned factors are used to calculate your term insurance premium:

• Age of the insured: Age is the most important deciding factor to derive your term insurance premium. At a younger age, you are less likely to fall prey to lifestyle diseases or death. The insurance company would thereby save money in the near future since the possibilities of making a claim are less.
• Personal habits: If you are addicted to alcohol, drugs or smoking habits, your insurance company will charge you a bomb for your premium. At times, there are changes in a policy denial too. People who aren’t addicted to these habits pay almost 30 to 70% premium lower than the ones addicted to it.
• Health record: You will enjoy a lower premium if you have not had a family history of serious diseases like Alzheimers or cancer etc.
• Tenure of the insurance policy: The term insurance premium calculator will be affected adversely if you buy a term plan that covers your retirement age as well as till you pay off all your liabilities.

•    Coverage/sum assured: It is advisable to opt for a coverage as per your requirement. The higher the sum assured, the higher would be the insurance premium.

NCB is an abbreviation of No Claim Bonus. It is a bonus given to the policyholder by the insurer for not making a claim in the preceding years. The reward is in the form of a discount on the premium payable which ranges from 20% to 50%.

NCB Rate Grid

After 1 claim free year    20%

After 2 consecutive claims-free years 25%

After 3 consecutive claims-free years    35%

After 4 consecutive claims-free years    45%

After 5 consecutive claims-free years    50%

NCB can be claimed on the first renewal of the policy on the condition that there was no claim made in the past year. On the first-year renewal, you can claim a discount on the premium payable by 20% which will gradually increase with every claim free year up to a maximum of 50% at the end of five claim free years.

NCB reward is attached to the policyholder and not the car. This means you get to retain your NCB if you sell your car and buy a new one or if you want to switch to another insurer at the time of renewal of the policy.

Zero depreciation or ‘zero dep’ policies are getting popular among vehicle owners. These policies offer full claim payment without any deduction for depreciation on the value of parts replaced. This also covers the repairing costs of fiber, glass, rubber parts and plastic. A standard rate of depreciation for a vehicle ranges from 0 to 50% depending on the age of vehicle and the type of material, thereby making you pay money from your pocket at the time of a claim in a standard policy. But in the case of a zero-depreciation policy, no depreciation is charged, thus a 100% reimbursement on replaced or depreciated parts can be availed leading to maximum benefit under the cover.

Some insurers which provide zero dep cover in India are Tata AIG General, Bharti AXA General, ICICI Lombard General, Reliance General, and HDFC Ergo General.

Zero dep is useful for new cars or cars up to the age of 5 years. The premium for Zero dep policies is slightly dearer than a standard car insurance policy. Normal wear and tear or mechanical breakdowns are not covered in a Zero dep insurance.

The primary thing to do is intimate the insurance company and lodge the claim. Depending on the event, one may follow a different procedure. However, one must keep the following things ready at the time of intimation –

• Name of the insured.
• Contact details of the insured/Claimant.
• Policy document.
• In case of an accident, note down the details of the people and vehicle involved in the accident.
• Date and time of accident along with its location
• The extent of loss with the basic details one must immediately file the claim by contacting the insurance company on their toll-free number.