Health Insurance

Typically, the term of health insurance plans and mediclaim policies is one year. However, health insurance plans offered by life insurance companies can vary.

The premium payment frequency is of health insurance plans and mediclaim policies is typically of one year though some life insurance companies allow a one-time premium payment too. It vary for different insurance providers.

In case of life insurance companies, this benefit is typically paid in full, on the diagnosis of the critical illnesses. Of course, the critical illness needs to be present in the list of critical illnesses covered by health insurance plans.

Some insurance companies may provide return but this varies according to insurance provider companies.

Life Insurance

If your main purpose is to financially protect your family like your wife, children or parents in your absence, then you could opt for a term insurance plan. Term insurance plans give you adequate life insurance cover at a much lower cost. However, if you are looking for insurance as well as savings returns, then you may go for life insurance policies.

You must consider these 4 important points before buying term insurance

I. Added Benefits – Consider the added benefits that come by default or as additional options with a term plan e.g. critical illness cover, terminal illness cover or waiver of premium due to disability.
II. Brand Strength – Understand how strong the insurance brand is and how likely it is to make a payment in case a claim is made. Important parameters here would be the ‘Claim settlement ratio’, time taken to pay the claims and ‘Amount of claims paid’.
III. Right cover and policy term – Choosing the right cover and policy term helps you save money too. You must select these as per your requirements. It is recommended that you should have a term insurance cover of 10-12 times your income. Also, the policy term should ideally be till your retirement age (typically 60 years).
IV. Budget – Choose a term plan that fits in your budget & offers premium pay-out options to suit your needs. E.g. If budget is a problem, one could go for a plan that provides monthly premium payment option over a yearly commitment.

You must buy the insurance plan as soon as possible as this will help you save on premium for the entire policy term. Another important factor is that with age you may catch some lifestyle diseases and at that point in time, you may either not get a policy or you may get it at a very high price.

Nearly all types of death are covered in term insurance, including natural death and death due to accidents or illness. However, there are exceptions. For example, death due to a natural disaster or an ‘act of God’ and death due to terrorist attacks might not be covered and suicidal death as mentioned above in Exclusions list.

It is important to read the fine print of the policy document to know the details. You can also read online or consult an insurance agent to understand the terms and conditions of the policy.

Car Insurance

Yes. As per the Motor Vehicles Act, it is mandatory for car owners to have a valid third party car insurance in place for being able to drive their vehicle in India.

It is illegal to drive a car without a valid insurance (at least third-party cover) and may attract a fine of up to Rs. 2,000 or imprisonment for three months or both. This varies according to changes in law.

A car insurance policy only insures the car. It does not insure the driver of the car. Thus, to get the driver of the car insured against personal injuries/permanent disablement/death, you are required to purchase a Personal Accident cover with your comprehensive car insurance policy.

Buying a car insurance policy online saves you from the hassle of standing in queues and doing tons of paperwork. Purchase of a car insurance online also allows you to compare premium quotes from different insurance providers and select the one which best suits you.

Road Side Assistance is an add-on that can be coupled with a comprehensive car insurance cover for an additional premium. It offers prompt assistance in case of vehicle breakdown, towing, tyre replacement, fuel replacement and others.

Bike Insurance

Though they are talked about in policy, this is just a handy list for your convenience:

  • Claim form appropriately filled (before submitting do a Xerox and keep).
  • Photocopy of the vehicle RC along with the original for verification.
  • Authentic approximation of loss (make an extra copy and file it).
  • Payment receipts and repair bills (always keep a photocopy with you).

In case of stolen vehicle, first of all, file an FIR with your local/nearest police station. Submit the photocopy of the FIR and the documents mentioned above, the vehicle keys and a non-traceable certificate to your insurance company.

  • You can always claim the full IDV amount in case your Vehicle is stolen.
  • Another good news is that natural calamities and man-made disasters are covered too.

Getting a new insurance policy for your old bike is a child’s play. Things you need are:

  • Earlier insurance copy
  • Registration certificate
  • It is mandatory to do insurance for your bike in India; hence it is suggested to renew before it expires.
  • If not done within 90 days, you lose on your No Claim Bonus, leading to a substantial financial loss.
  • If not done on time then your bike will go through a new inspection, which may be chargeable.

No bike insurance policy can’t be cancelled until or unless there is a genuine case and is intimated within 1 month from the date of purchase of the policy. Genuine cases can be when you end up buying 2 policies for the same vehicle or your vehicle was commercial and you bought private vehicle policy etc. However, there are no cancellation charges.

Travel Insurance

Travel Insurance is a type of Insurance which ensures that when you’re on away from home, whether on a soul-searching solo trip or a business trip, you’re not bothered by the financial losses due to common travel inconveniences.

Here are some helpful things to remember while selecting a Travel Insurance Plan:

  • Check the policy terms and conditions to ensure that it covers you during the entire duration of your travel and also covers the destination you’re travelling to
  • Make sure that the medical coverage included in the policy is extensive
  • Make sure that it covers eventualities like missed or cancelled flights or loss/delay in checked in baggage
  • Ensure that the policy covers you and your family members who are travelling with you
  • Make a note of the exclusions to ensure that all your requirements are covered
  • Finally, ensure that the sum insured limit of the policy is adequate
  • You can also avail of relevant add-ons such as home burglary etc.

Travel Insurance Claims can essentially be of two types – medical claims and non-medical claims. The documents required for the same are as mentioned below:

Medical claims:

  • Duly filled overseas travel insurance claim form
  • Authorization for release of medical information form
  • Attending physician’s statement

Non-medical claims

  • Duly filled overseas travel insurance claim form.

Since the nature of non-medical claims can be of varied, the supporting documents required for each type of claim are different.

Group Mediclaim

A group health insurance policy offers several other benefits employees cannot get to avail of on an individual basis. These benefits include coverage for pre-existing diseases. In case of a group health insurance policy, an individual does not have to wait for specific diseases to be covered (i.e. there is no waiting period), including maternity coverage. A customized insurance coverage can be enjoyed only with the group medical insurance scheme, making the employees feel more secure when it comes to health.

Most of the companies provide Group Health Insurance as a part of their Employee Welfare program. Every company, however, opts for a plan that is customized, based on their requirements.

It is very critical to customize a Group Health Insurance plan for each group. Read the benefits provided in group health insurance below. Each group can customize the benefit structure, based on its unique need. Benefits differ according to various policy providers:

1. Maternity Benefit.
2. Waiver of waiting periods (30 days, 1 year, 2 years, & 4 years).
3. Domiciliary Hospitalization Expenses.
4. Pre-Existing Disease Covers.
5. Cover for dependents (spouse, kids, parents).

One of the biggest advantages of having a group insurance (or group mediclaim) is that the waiting periods can be waived off. Benefits can vary according to different insurance providers.

This is put by the Insurer to ensure that policy was not taken for a planned surgery immediately after the policy. Hence, emergency hospitalization and accident cases are covered in this period. All other hospitalization cases are not covered for the first 30 days of the inception of the policy. Waiting period can vary according to different policy provider.

Home Insurance

At its most basic, a home insurance policy covers your home and its contents against natural and man-made calamities such as earthquakes, floods, fire, theft, burglaries and any other risks your residential area might be prone to. A home insurance policy provides a veritable shield of protection to your home and everything in it, that you hold dear.

Property insurance gives you the best of both worlds, coverage for your property structure as well as its contents, Fire, burglary, flood, theft, etc. have now lost their power over you! Ofcourse, you can also cover just the contents of the house that you have rented as well.

Rain or shine, your house goes through a lot of wear and tear over the years. From electrical fittings to accidents involving furniture, My Home Insurance policy covers you against a variety of risks to your property and/or content such as fire, burglary, theft, accidental damage and natural calamities.

Well, it really depends on how the damage was caused, as per the findings of our assessors. Documents required may include a fire brigade report along with the claim form duly filled and signed. As is obvious, in case of a theft, an FIR would need to be lodged and provided to us. In any situation, the claim form is a mandatory document to process the claim under the terms of the Home Insurance Policy

Shop Insurance

Shop insurance is designed to protect your business from the key risks. As one’s business is always exposed to certain risks such as potential liabilities towards property and people, items within the building, the income etc. All these are covered under this policy, where the insured is compensated for the loss.

Shop insurance is designed to protect your business from the key risks. As one’s business is always exposed to certain risks such as potential liabilities towards property and people, items within the building, the income etc. All these are covered under this policy, where the insured is compensated for the loss.

If you are a retailer, providing utmost protection to the business, customer and employees are your responsibility. You can’t ignore the risk of damage or theft of stock, along with the other incidents which can impact adversely on your business. That’s why you need shop insurance to ensure the future and finances of your business is well protected.

The level of coverage you need will depend on the insurance needs of yours. That’s why it’s better to analyse the requirement first, then buy.

Home Loan

Home loans help you with a lump-sum advance of funds towards buying your desired property, this amount will be repayable with interest. However you can re-pay the amount advanced via EMIs (Equated Monthly Installments), thus enabling you to approach realizing your home dream in a convenient and structured way.

Home loan applications generally follow a process such as:

Application: You will need to apply for a home loan, this can be done online or at bank branches/loan centres.

Loan Sanction: Post submission of your application and review of necessary KYC and documents of financial stability, the bank shall sanction your loan amount.

Review: Once the loan is sanctioned, you will need to submit the documents pertaining to the property against which your loan is sought, for technical and legal review.

Approval &; Disbursal: Upon validation of your loan amount and the property sought, the bank shall approve and disburse your loan.

We provides a selection of Home loans designed to meet every client’s investment patterns. In addition to advancing loans for constructions of property, purchase of constructed residences and loan for top-ups for existing loans and redevelopment etc., our variants also include options for repayment and subsidy benefits.

There are multiple factors to determine home loan eligibility, including but not restricted to:

  • The Income of all applicants
  • Age of the primary applicant
  • Number of dependents that the applicants support
  • Assets and liabilities of the applicants
  • Stability and continuity of the primary applicant’s occupation

Business Loan

A business loan is a loan taken for investments in a business set up. It is essentially borrowing money for a set purpose and entails repayment with a fixed interest rate.

Whether you are a self-employed businessman or looking to start-up a new business or expand to a new location. You can apply for Business Loan. You can find the eligibility criteria above.

Yes, since we have a online appliation process we have a very fast loan-lending process with three steps. Application submission, Approval and Disbursal.

On the other hand, we have very reasonable and lower interest rates. Also, we don’t require any collateral or property for security. It makes our loans unsecured and less risky for you.

We do not take any additional penalty for a loan foreclosure and there are no hidden payments and charges with our business loans.

Even though our loans are faster than banks, we urge you to provide correct documents and follow the online application process thoroughly so that the loan approval doesn’t have any stoppages.

We have made the whole loan application process online which allows us to reduce any manual costs required if our process was so. The savings due to this reduction is passed on to the borrower at low interest rates. The interest rates may vary according to different loan provider.

Personal Loan

A personal loan is the best option if you need funds for an urgent need or a short period. Bitola Capital helps you in getting loans for any of your personal leave. Since it is an unsecured loan, the lender approves the loan basis the applicant’s details such as age, income, existing liabilities, and credit score, among others. No time is spent in the assessment of the collateral unlike in case of a secured loan such as gold loan or loan against securities or loan against property. There could be different types or kinds of personal loans depending on the end-use. But usually, a personal loan is of only one type and it can be availed of for any kind of requirement.

You can use personal loan for any of your personal needs. For example, you could borrow a loan for buying a high-end home theatre system, for a medical emergency if your health insurance falls short, for a foreign holiday with your family, etc. If you are an entrepreneur a personal loan can come in handy for expanding your business, such as adding more inventory or making the down payment for new office premises, etc.

A wedding is a once-in-a-lifetime event and everyone wants it to be memorable. If you are falling short of funds to celebrate your wedding, you can apply for personal loan to make up for the deficit.

Surgery or prolonged hospitalisation could set you back by a few lakhs, given the rising medical costs. If you need additional funds despite having a health cover, you can easily borrow a personal loan. There is no need to produce any medical reports or hospital bills for the same.

If you have exhausted your term loan limits allowed by your bank but still need funds for your business, you can apply for personal loan. The loan will be sanctioned based on your individual credit history but can be used for your business.

Car Loan

Yes, a car loan is offered for pre-used cars. But, the interest rate for such a loan would differ from that of a new car. However, the loan would only cover the price of the car itself, other costs as transfer of registration, etc. will have to borne by you.

The maximum loan amount approved may vary from one bank to the other.

Like any other loan that you apply for, a car loan application requires self attested supporting documents such as income (last three pay slips/last acknowledged ITR), address and identity proof documents along with you PAN card. Other documentation requirements, if any, tend to differ from one lender to another.

Though most lenders do not specify a minimum salary requirement, your loan application may be rejected in case your salary does not exceed a predetermined threshold level as required by the internal requirement of the bank. In such cases applying with a co-borrower might be a better idea to increase your chances of successfully applying for a car loan.

2 Wheeler Loan

The mandatory documents are:

  • Bank Statements for the last three months
  • Salary Slips for the last three months
  • Address Proof and Identity Proof documents

Salaried Individuals, Self Employed Professionals, Self Employed Businessmen, Proprietorships, Partnership Firms, Trusts, Private and Public Limited Companies.

As per approved rates from time to time. The lending rates vary on the basis of discounts, which are offered by manufacturers and dealers. Our sales team will help you negotiate the best deal on your Two Wheeler loan.

The minimum loan amount varies from bank to bank.

Interest is calculated on a monthly reducing balance basis.

Education loan

Lenders consider the following factors when approving a loan:

  • The course and institute you choose
  • The amount you need
  • Your academic performance
  • Repayment capacity of your family
  • Family assets
  • Annual income

Some of the courses eligible for education loan are mentioned below:

  • School education
  • Graduation courses
  • Post-graduation courses
  • Professional courses
  • Diploma/degree courses conducted by recognised institutions

The repayment period begins after you complete the course. The tenure may vary from one lender to another.

Yes, you can move your education loan from one bank to another. However, your current bank might charge a refinance fees. Therefore, it is important to consider all factors of the existing bank and the new bank before moving the loan.

Yes, education loans cover 100% of the education expenses. However, full coverage may only be provided for expenses under a certain limit. Lenders have a margin if the expenses go above the limit.