What Are Voluntary and Compulsory Deductibles in Insurance ?

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Let us consider that your car has met with an accident .You have entered into an agreement with the insurance company that you will bear part of the loss or damages suffered in an accident. This is called a deductible.

 

These may be of two types namely Compulsory or a Voluntary deductible.

 

 If you opt for a compulsory deductible of INR 2500 then you would have to pay that portion and the insurance agency would pay the rest. Let us consider that you want to save on your premium.

 

Then you would take an additional voluntary deductible where you would get a huge deduction on your premium sometimes as high as 25%.However claim damages are very high under such conditions. If you meet with an accident you would have to shell out huge damage costs as you have a voluntary deductible policy as well as the compulsory amount based on your policy. If you want to save on your premium you better have very handy driving skills.

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

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