Mutual Funds | Insurance | Investment |

Did you ever have a careful look at your motor insurance policy document? There are two parts in which the premium is divided. One being the Own Damage Premium and the other being the Third-Party Premium. With this post today we will learn more about third party insurance. A third party insurance policy as the name suggests is one that covers the third party which has suffered damages due to your vehicle. So, if you accidentally hit someone on the road and the person or his vehicle suffers damage then he can claim damages from you which will be payable by your insurance provider. The third-party insurance covers you of the legal liability for damages that you owe to a third person because you caused an accident. Legal requirement Third-party insurance is the bare minimum insurance that your vehicle should have. It is a legal requirement to have third party insurance for your vehicle. Not having one is considered a violation of the law and can lead to a fine if the vehicle gets checked

There was a time when one used to get his own personal bank account either post the age of 18 or at the time of their first job. Opening your first bank account is a memorable event because that marks your formal entry into the monetary system. You get equipped with cards & cheque books and have the right to transact anywhere in the world with the help of banking instruments. A few years ago bank accounts were thought to be a privilege that only salaried and businesspeople could enjoy. For others, it was often thought that if you don't have any income then what will you do with a bank account! But times have changed now. Today, more than 80% of Indians have a bank account. This massive influx of bank accounts has led to a change in the lifestyle as well as thinking of an average Indian household. Banks are looked upon as a store of value where money can be kept safely while offering liquidity just like physical cash. Money kept in the bank isn't vulnerable to hazards like d