International Money Transfer For Your Family Maintenance Needs A Beginner’s Guide

International money transfer

The globalised environment of the modern world has necessitated a free and fast flow of capital across national borders. However, outward remittance remains a complex topic for many ordinary Indians as they grapple with the regulatory issues surrounding the international money transfer process. Data from the Reserve Bank of India (RBI) shows that Indians sent US$ 18751.4 million abroad in 2019-20. Travel and education together accounted for over 60% of it, while outward remittance for family maintenance formed 18% of the total amount. 

As more and more Indians move abroad to pursue new opportunities, international remittance for family support garners increasing relevance. What do international transfers for family maintenance entail? What is the easiest way to send money to family members living abroad? Let’s answer these questions and more in the following sections!

Outward Remittance for Family Maintenance: A Growing Necessity in Recent Times

In the earlier days, foreign remittances for family maintenance resulted in capital inflows. Children settled abroad would send money to their parents in India and support them in running their households. But now, the situation has changed drastically. A large number of Indians emigrate every year to pursue promising opportunities across the globe. Their families in India offer assistance by sending them money with outward remittance systems. RBI categorises these payments as “Maintenance for Close Relatives”. This category can cover several aspects:

  • Maintenance of the household while the primary income earner is living in India
  • Financial support for close family members related by blood or marriage
  • Financial assistance for children who are studying or setting up a livelihood abroad

RBI’s Rules for Outward Remittance: Decoding the Regulations for Sending Money Abroad

RBI has a “Liberalised Remittance Scheme” (LRS), laying down the rules for an overseas transfer. The following points highlight the regulations under LRS:

  • Resident Indians (including minor children) are eligible for outward remittances up to US$250,000 in each financial year between April to March.
  • These transfers are allowed for capital account transfers, current account transfers, or a combination of the two.
  • This limit includes the foreign exchange facilities available to a resident Indian.

LRS does not allow Indians to make capital account transfers to countries that the Financial Action Task Force (FATF) deems non-cooperative. Moreover, RBI issues advisories to banks with the names of people who pose risks of terrorism. Resident Indians cannot send money to these individuals under the LRS. Besides these limitations, the LRS offers substantial flexibility to Indians for sending their money abroad.

How to Send Money to Your Family Abroad?

There are two popular approaches for sending money to family members living abroad:

  • Remittance Via Banks: Indians have traditionally relied on banks to manage their international transfers. You can get a foreign currency demand draft (FCDD) from your preferred bank and send it to your family member. They can present the FCDD to their drawee bank and receive the amount. However, this is a time-consuming and complicated process. Nowadays, banks use SWIFT transfers for direct interbank remittances. You can submit your request for a bank transfer and wait for up to five working days. While this is a trustworthy process, it is not as fast and convenient as the modern fintech-enabled remittance services available in the market.
  • Remittance through a Money Transfer Platform: Money transfer platforms can help you send money to more than 40 countries from the comfort of your couch. Top outward remittance platforms allow users to send money on the go with their cutting-edge fintech model. The hassle-free system of online money transfers is convenient and quick, helping people manage their family maintenance needs.

Sending Money with Transwire- The Best Money Transfer Platform

Unsure which Forex organisation you should approach? Transwire can simplify your outward remittance woes.

Transwire has the ability in managing international money transfers. They provide an easy-to-use online system to initiate overseas payments for family maintenance needs.

Transwire is a trusted money transfer platform because it ensures secure payments and strict compliance with RBI norms. The RBI has recognised Transwire as an authorised category II dealer, facilitating secure transactions across national borders. We have supported customers in sending money to more than seventy countries and continue to do so with a complete commitment to transparency and customer service. 

The process for remitting money with Transwire is quick and effortless. The following steps will help you complete your payment:

  1. Register on the Transwire site and complete the self-onboarding process.
  2. Upload relevant documents for making a transaction under LRS.
  3. Initiate the transaction.
  4. Book the exchange rate and pay for the transaction.
  5. Download the SWIFT data or invoice.

Before initiating this process, you should prepare your remittance documents. You will need the following:

  • An Identity Card as per RBI norms
  • A PAN Card
  • A2 declaration

The experts at Transwire can help you understand the documentation process and provide support as you navigate it. The A2-cum-LRS document is an essential requirement under RBI guidelines. You can reach out to the Transwire team and take their assistance in preparing these documents.

The self-onboarding system on the Transwire website is available to you 24*7. However, the remittance process is only permissible during the business hours of your target location. You can speak to your Transwire agent to understand relevant exemptions for this.

Now that you know how easy this process is, it is time to initiate your overseas payment! Contact the Transwire team today to simplify your outward remittances.

How Can I Pay My College Fees Abroad From India?

College Fees Abroad From India

Today, Indian parents and their children are increasingly opting for studies abroad. Our modern world’s hyper-competitive environment demands individual preparedness. A global education can support such preparation, enabling students to secure an edge. The number of Indian students going abroad to pursue higher studies is projected to reach 1.8 million by 2024. While this growing trend underscores India’s rising potential on the global stage, it also complicates the issue of outward remittance. As thousands of Indian students pack their bags for foreign universities, they must contend with a fundamental problem: how to remit money for paying their course fees?

Education fees to abroad

International money transfers to send hefty amounts involve several complexities. Students must adhere to relevant norms while paying their college fees abroad. Let us explore the avenues open to them! One can pay institutional fees to a foreign university in four ways. The following section analyses these options for you.

Four Ways to Pay Fees to a Foreign University: Which is the Best Choice?

Forex Cards: A Forex card is a prepaid instrument: you load it with a chosen amount and swipe it at electronic terminals for making payments. It operates like a credit or debit card while paying for something. The difference is that the debit or reduction occurs from your Forex Card balance. A Forex Card’s USP is that it can load money in a foreign currency. For example, if you get a Forex Card with USD as your chosen currency, you can swipe the card at American terminals and pay a dollar amount. 

Forex Cards are ultra-convenient. Anyone can make quick local payments by swiping the card. Students and travelers use these fast and convenient cards to pay their everyday expenses. However, people do not prefer Forex Cards for large transactions like fee transfers. Fluctuations in exchange rates and exchange facilitation charges can also compound the costs of a Forex Card for making lump sum payments.

Payments via Banks: Banks provide money transfer facilities for students in international institutes. International transactions through banks can take two forms: demand drafts and SWIFT Wire Transfers. People use international demand drafts relatively less often. However, some colleges may insist on payments via demand drafts. Let’s break down both of these options in detail:

International Demand Drafts (D/Ds): An outward foreign exchange D/D involves two banks. Students or their family members can go to a bank and apply for a D/D along with a cheque. The bank will subtract a small amount as the D/D fee, and convert the rest into your chosen foreign currency for creating the D/D. The payer can transfer this D/D to the foreign university’s designated bank. After depositing the D/D, one can inform the institute, which can then collect the amount upon demand. This process is relevant for students when their institutes specifically request D/D payments. However, this method is time-consuming and complex, and few people opt for it.

Bank Transfers: A bank wire transfer is a trusted way of sending money to foreign institutes. A system called SWIFT (Society for Worldwide Interbank Telecommunications) connects most banking establishments around the globe. A bank can transmit a lumpsum amount to the payee’s bank account using the SWIFT mechanism. This process can take three to five business days. You can initiate a wire transfer online for some banks. For example, users can execute an SBI Wire Transfer by visiting the State Bank of India’s online banking portal. However, the online facilities offered by Indian banks are often slow and cumbersome, causing hassles for students. Furthermore, some banks may require students or their families to physically visit the bank branches to initiate an international transfer. Even though bank transfers are credible and safe, their inconvenient features often make them unsuitable for students.

Bank transfer is the traditional method for making foreign university fee payments. This method has long been widely acceptable in India. However, since the advent of fintech, it has become easier to make international transfers from the comfort of your home. Students can save the extensive time it takes to complete a bank transfer by switching to a smarter system. Bank transfers take much longer than the modern mechanisms for on-the-go money transfers. Hence, the rapid rise of fintech have worsened the appeal of bank wire payments.  

Money Transfer Services: How cool would it be to have money transfer apps handle your foreign university payments, right? If you are a student hoping for remittance apps to serve as your genie, you need to look no farther than money transfer providers. A money transfer service will help you send your fees abroad super-fast. You can send money on the go with a top-notch transfer service. They charge a small service fee and have clear rules about exchange rate considerations. There are many money transfer providers in the Indian market. However, you must find a credible company using cutting-edge technology to deliver this service. Users may onboard themselves on a money transfer company’s website and initiate the verification process. After that, you can take the help of their seamless technology to upload documents and initiate the payment as per prescribed rules.

Getting Started with Money Transfer with Transwire-The Trusted Money Transfer Company

Transwire’s team is expert at managing outward remittances for people transferring money abroad. Transwire is an authorized dealer (category II) approved by the Reserve Bank of India (RBI). The team can help you make foreign remittances for university fee payments according to the financial regulations applicable in India. 

The limit for fee transfers depends on your institute’s fee structure. The Foreign Exchange Management Act (FEMA) applies an upper limit of US$250,000 per person for foreign remittances. However, proper documentation and RBI approvals can help you navigate these limits as required for making your university fee payments. Our team will help you out with issues like this and more when you sign up for international money transfers! Transwire’s process involves four simple steps:

  • Register
  • Upload documents and complete verification
  • Book the exchange rate and complete the payment
  • Download your invoice

This stellar team ensures easy processing with simple documentation. Reach out to Transwire- the best money transfer company today to simplify your foreign fee payments!


Transcorp – How It Helps in Fulfilling The Financial Requirements?

financial requirements

Gone are the days when people only solely relied on paper bills and banks for their money transactions. As digitization takes over, people prefer carrying out transactions and other banking services through digital platforms. Here, Transacorp emerges as a one-stop financial services provider serving across India. They offer a unique integrated platform where one can fulfill their important financial transactions right from domestic money transfers to insurance services, mobile & DTH recharge, and even Indo-Nepal money transfers.

But what makes them ahead in the competition? What benefits can your business reap by joining hands with Transcorp? Let’s take a quick look at their fast, easy, and efficient financial services.

What services can be enabled by Transcorp?

By becoming a partner agent with Transcorp, your customers can forget the hassles of running door to door since they get the following range of services at the ease of their fingertips.

  • Domestic Money Transfer – Transcorps’s seamless money transfer portal helps your customer achieve fast and timely money transfers no matter where they are located in India.
  • Cash Deposit/Withdrawl – Your customers can enjoy 100% secure and timely cash deposits and withdrawals in one go. Since all their services are RBI-approved, you can stay assured of secured transactions.
  • Insurance Services
    Whether your customers are looking for student loans or insurance, you can fulfill these financial requirements through Transcorp’s one-stop platform.
  • Indo-Nepal Money Transfer
    Transcorp also enables your business to execute secure Indo-Nepal money transfers along with domestic money transfer services. In addition, their foreign exchange and outward remittance services emerge as a helping hand for international financial requirements.
  • Mobile, Bills, & DTH – Most customers these days like to pay their bills, mobile recharge, etc., through digital platforms. By integrating their unique one-stop solution dashboard for your business, you can cater to your customers’ needs.
    What are the benefits of using Transcorp financial solutions?
  • Faster transactions – By incorporating Transcorp financial solutions, you can expect lightning-speed services for your customers. Eventually, no one can stop you from growing faster than ever.
  • Seamless integration – By becoming their partner agent, your businesses can rest assured of other essential operations without any interruption. All thanks to their robust SOPs and seamless integration process.
  • Extended services – You can choose to expand your services to new dimensions since they offer many financial services like foreign exchange, insurance, loan procurements, money transfers, KYC services, and much more!
  • 24/7 customer care – Transcorp deploys a robust customer care team that ensures smooth and punctual operations of its services with you.

Fulfil your financial requirements with Transcorp International Limited

With their aim of transforming the financial landscape in the country, they have never failed to meet the expectations of those who want to change. Transcorp International Limited emerged as a top digital financial services provider across India. Their one-stop banking solution platform is easy to integrate and can fulfill a wide range of services in one go! If your business is looking forward to making a difference with their top-notch financial solutions, get in touch with them today by visiting their website or walking in your nearest branch! Take the change now and stay ahead of the curve.

How Does a Travel Money Card Work?

travel money card

The breakout of the covid-19 pandemic has not just put the entire travel industry into significant difficulties; the challenges that the travel lovers faced were also equally noteworthy. However, many countries are emerging from their lockdown; as the situation is taking a turn for the better, giving a chance for the tourism industry; to come to full bloom once again. If you are a travel addict, without question, this is an opportunity for you to get ready for the next trip. While you might focus on packing luggage and arranging for visas, you should be even more thoughtful about acquiring foreign currencies. What comes in handy here is the Travel money card

What is a travel money card?

Money is an important thing to consider when travelling abroad, but carrying a lot of cash would not be safe. On the other hand, using your credit card in foreign states would not also be cost-effective. A travel money card thus helps you to keep multiple currencies while travelling abroad. With this card, you can store different mediums of exchanges at one time without any fees hidden. Hence, if you have a particular currency on your card, it will automatically be used for that country you have visited. 

How does a travel money card work?

With the development of modern technology, foreign currency exchange is not a big deal now. The travel money card has become a boon for people having an overseas visit. Generally, it is a prepaid card, which you have to fill with the currency of the country you are visiting. Therefore, you can use the card the same way you would use your credit or the debit card back at home. For instance, if you already have loaded USD, Euro and some other foreign currencies in your card and you went to the USA, the card will automatically use the USDs first whenever you pay for anything.

Following are the benefits of having a travel card:

  • You can load several foreign currencies into one travel money card. It is beneficial if you plan to visit a few different countries.
  • You have the facility to lock the exchange rates before you travel, giving you certainty over your money. 
  • You don’t have to pay conversion charges. Hence, it is a gainful option; if compared to a travel credit or debit card.


Are online facilities available for reloading my travel money card?

Yes, online facilities are available for reloading your travelling card whenever you need them. 

Is taking out money from a travel card difficult?

No, withdrawing money from your travel money card is easy. You can withdraw from ATM or through a Bank transfer.

Is having more than one travel card beneficial?

You can use multi-national currencies with one card only. Hence, you would not need more than one.


A travel money card has become a suitable and safe way to buy foreign currency, devoid of expensive conversion charges. There are several travel money cards available in the market. The experts at Transcorpint can help you choose the one right for you.

Currency Exchange Risk – What is it? How to minimize currency risk?

Currency exchange risk

Do you think currency exchange rates are only a concern for bankers? No. Currency risks affect all international enterprises as well. Many organizations across the globe are exposed to currency risk, irrespective of whether they realise it or not. With the ongoing wild swings in economies, currency exchange rate risk is back on the agenda. So, let’s explore more about what currency exchange risk is and how to minimise it. 

What is currency risk?

Otherwise known as exchange-rate risk, currency risk arises from the change in the price of one currency concerning the other. Enterprises or investors that have business operations or assets across cross-country borders are exposed to currency risk. The exchange rate risk typically creates unpredictable fluctuations in profits and losses. 

Why managing currency risk is imperative?

As per a survey of HSBC conducted by 200 chief financial officers and about 300 treasurers, about 70% CFOs asserted that their company struggled with reduced ROI due to the unavoidable risk of currency exchange rates. Managing the currency risks can bring an extensive range of advantages for enterprises. Some of them are listed as follows:

  • Enhanced borrowing capacity
  • Improved understanding of how fluctuations in currencies influence business balance sheets
  • Safeguarding cash flow and profit margins
  • Improved budgeting and financial forecasting

The rule of thumb states that businesses try to avoid any potential losses when currency exchange rates fluctuate. Wondering what currency risks are and how to minimize them? Here are some tips for you. 

Tips to Minimise business currency risk

Having a comprehensive idea of how and where currency fluctuations impact a company’s cash flow isn’t a cakewalk. Different macroeconomic trends and competitive behaviour within market segments define how currency rates tend to affect the cash flow of any business. To minimize cash flow, enterprises need to:

  • Re-analyse your operating cycle

Review your company’s operating cycle to find out what FX risks exist in your financial system. 

  • Determine the rules that you want to apply to your currency exchange risk and stick to them

Understand the company’s financial objectives and draft an effective FX policy that outlines the operative cash outflows and inflows. 

  • Make peace with the fact that you have unique currency flows

Every business is unique and your currency flow affects that. Depending on the structure of your liabilities and assets, understand that currency fluctuations might have a certain impact on your funds. 

  • Handle your exposure to currency risk wisely

While the currencies are constantly appreciating and depreciating, determine the financial instruments that can help you mitigate uncertainties which may jeopardize the company’s financial objectives. 

  • Automate the process

Automate the process with the help of a renowned financial service provider. 


There are three types of currency exchange risks: transaction exposure, economic or operating exposure and translation exposure. Dealing with currency exchange risks financial assistance and if you want you can also reach out to foreign exchange experts to help you glide through the FX process seamlessly. Irrespective of whether you are a budding business or an enterprise giant, don’t let your finances hold you back. Seek professional expertise and overcome FX risks like a pro. 

Forex card or credit card? – Which is better while travelling abroad

Credit Card

When travelling abroad, one of the major financial concerns is how you should carry your money safely. There are several options, including cash and debit cards, but the most secure choices come down to forex card and credit cards. Of these, the former is the smarter and more affordable choice.

How is a forex card any different from a credit card?

In simple terms, it is an international prepaid card that can be used to carry multiple currencies during travel. Since it has a chip and a unique pin, your money will remain just as safe as in the case of credit cards. Like a credit card, you can use it to make payments at all local vendors. There are single and multi-currency options to choose from, so the card comes extremely handy if you are planning to visit several countries during your trip.

Should I use a forex card instead of a credit card?

Although, in essence, the two kinds of cards serve the same purpose, there are quite a few significant benefits of using a forex card to cover all expenses while travelling. Some of the crucial areas in which a credit card falls short are:

  • Overall expenditure – A credit card does not allow you to carry multiple currencies at once. So every time you visit a new country with a different currency, you have to exchange the money at the prevailing conversion rate. It can be very expensive and time-consuming to go through the conversion system every time you make a purchase.

  • Cash withdrawal – A credit card cannot be used to withdraw cash at all ATMs, and the ones that have this provision may not always be compatible with your card. On the other hand, a forex card doubles up as a debit card. You can use it to swiftly withdraw cash from any ATM at very nominal prices and get all your payments done smoothly.

  • Withdrawal fee – Even if you find an ATM that accepts a credit card, the withdrawal fees can be exorbitant. You also have to pay the charge for the conversion rate, which only increases the total amount you have to pay. If your trip is for more than just a few days, then withdrawing cash from the ATM with a credit card repeatedly will become unaffordable.

  • Unstable exchange rates – Another major disadvantage of using a credit card while travelling abroad is that you might have to pay higher charges every time you make a purchase. The amounts you incur will rise rapidly on occasion with fluctuating exchange rates. Using a loaded prepaid card ensures that you do not have to pay extra money to keep up with the forex rate.

  • Late payment charges – If you plan to travel for several weeks and have a hectic schedule, keeping a credit card increases the risk of incurring late payment fines. You might be travelling in an area with a poor network connection, or you may just be too busy to meet all your deadlines. Having a prepaid card ensures that your money is always safe, and you never have to worry about forgoing large amounts due to late payment.

  • Bank account link – Credit cards must necessarily be linked with a bank account. Prepaid cards offer greater flexibility in that you do not have to have an existing bank account to use one.

    How can I get a forex card to cover my travel needs? 

    You can apply for a personal card at banks or private financial organizations. Opting for a private service might be the better choice because you have access to all the best deals, and your case is dealt swiftly. If you urgently require a card for your travels, it is recommended that you go through a private institution. While choosing a card provider, you should ensure that the company offers the following services:

    • The service must have a very strong customer support system. In case you face any difficulties with your card while travelling abroad, you must be able to access their expertise freely.
    • Their services must be transparent. Managing finances while travelling abroad can be a daunting task, so you need a professional and secure service provider that makes the process easy to handle.
    • You should choose a reputed company which offers the best deals. Living and travelling abroad is an expensive affair because of the high conversion rates. While getting a prepaid card, you need to ensure that the card provider makes your trip more affordable.

    forex card can make your travels much more cost-efficient and hassle-free. While planning your trip, it is essential to figure out your finances and spend wisely. Contacting a private card provider and getting their assurance can ease most of your troubles and make your journey financially secure.


Benefits of Health Insurance policies for a Family

Health insurance service

Medical expenses in India are not affordable when you consider private hospitals. Around 30% of the population in India is middle-class families. It is difficult for them to avail top-class medical services considering their income. Health Insurances plans are the solution for that. Usually, this insurance covers medical expenses for one individual, but what about your family? Rather than taking multiple individual policies, it is wiser to take a family plan which covers the medical expenses of everyone in one policy. In this plan, a fixed sum insured is shared by the entire family, assuming everyone will not get sick at the same time. 

Health Insurance policies are necessary for this day and age. Amidst this pandemic, the future has become so uncertain. To cope, everyone should be insured, so that in any unfortunate times you don’t have to worry about the monetary component. Health insurances are much more accepted and sought after now. Read this article till the end to know about all the benefits of a Family health insurance plan and what they cover. 

Benefits of a Family Health Insurance Policy

As the name suggests, the plan is best suited for a family. Let’s see how the benefits are different from an individual health insurance plan.

  • One policy for all: You can cover the entire family with a single policy which will include you, your spouse and dependent children.
  •   Affordable and hassle-free: Rather than tracking and handling three individual insurance it is better to go for a family health insurance plan. That way premiums will be affordable and, you don’t have to keep in check with three individual policies, which will make your life easier.
  • Adding new family members to the plan is easy: You can not add new members to an existing individual insurance policy. You have to take an additional insurance policy for a new member. That is not the case with a Family health insurance plan. For an added premium you can add another member to your existing plan.
  • Option for adding additional benefits: You can easily add benefits like ‘critical illness cover’ or ‘maternity cover’ to your family health insurance plan and, you can avail of discounts on premiums depending upon the number of members and their ages. 
  • Tax benefits: Premiums paid up to Rs.25,000 for yourself and Rs.30,000 for parents in one year can be claimed as Tax Benefits under section 80D of the Income Tax Act of 1961.

These are some benefits that a Health insurance policy for a family has. Make sure you have availed of all these benefits when you take the policy.

Features of a Good Family Health Insurance Plan

Family health plans are a big deal for a family, the entire medical expense depends upon it. Here are some features that a policy should have:

  • Option for Cashless settlement: In a Cashless Settlement scenario, an Insurer is not required to pay any amount to the hospital for the medical services. The Insurance company directly settles the transaction with the hospital. 
  • Increased Sum Insured: Health insurance policies are usually done for a long time, so the Sum insured at the beginning has a risk of getting affected by inflation. So always make sure to opt for a policy that will increase your Sum insured over time.    
  • Renewability: Always choose a policy that has a lifetime renewability feature so that you get cover for your entire life.

Health Insurance plans are designed to be as comprehensive as possible to provide a holistic cover to the Insured. Let’s take a look at things a Family health insurance policy covers:

  • Patient Hospitalisation expense: All expenses made towards hospitalisation (like Room rents, ICU charges, Doctor visits and OT Charges) of any family member who is insured under the policy will be covered.
  • Day care Procedures: Minor operations which do not require an extended stay at the hospitals are also covered. 
  • Ambulance Charges: The policy covers the expenses made towards availing of an ambulance.
  • Maternity Cover: Most health insurance plans offer to cover the pregnancy-related medical expenses of the insured.
  • Mental Illness cover: Mental health issues of persons insured under the policy is also covered in this policy

Choosing a good family health insurance plan is very important. Make sure to check for these benefits in the policy you choose. The best place to look for a policy is now online. Search for the best Family Health insurance plans by Transcoprint right now! And protect your family from any medical emergency. 

Things To Consider While Buying Motor Insurance Online

Domestic money transfer

In 1888, a lady named Bertha Benz drove the first car. She took her sons on a 65-mile road trip in the Mercedes Benz Motorwagen. This marked the beginning of a new era in human history. Today we all depend on such motor vehicles to carry us around the globe.

Today we have come a long way. With the transition from petrol and gas to electric cars, the world is moving fast! However, automobiles are on the rise. Accidents are also following suit. A 51.8 % rise in accidents, was recorded from 2003-to 2012 in India.

For this reason, motor insurance has become essential. If you own a vehicle, having insurance safeguards you from damages. The best motor insurance online covers personal injury as well. However, you may be asking, is it safe? Yes, it is.

However, you’ll need to keep a few things in mind while choosing. Keep reading and find out how to choose the best!

Understanding Your Requirements

Vehicles are assets that belong to you. Thus, understanding the possible risks to your car is essential. Start by asking yourself questions like, is my area prone to flooding? Is it a busy zone where chances of accidents are high? Such questions help you find what you exactly need. Motor vehicle insurance covers a lot of areas. Even comprehensive cover plans have subsets. Choose wisely, and you’ll be appropriately protected!

Consider the Brand

When we talk about a brand, we don’t mean only named services. You need to select a firm with the right ideology. In today’s world of diverse businesses, transparency is essential. Thus, you should go for a customer-friendly service. Another good quality is legal accounting. A lot of online firms may often use illegal services. However, you needn’t get discouraged by this. Select insurance firms have legal accounting codes and standards that they follow. You can contact them for details on their operations!

Understanding Terminology

A big caveat of purchasing vehicle insurance online is terminology. Insurances are legal documents. Thus, the terminology may be difficult to comprehend. That’s why we recommend you complete your homework before purchasing a policy. Read up on claims, accidental loss, what is covered, to what extent it is covered, premiums, etc. once you know the relevance of these terms, you can purchase motor insurance online. The best provider in India will answer all your questions until you’re satisfied!

Know Insurance Alteration Terms

Insurance value, is determined by actuarial calculations. That’s why the initial value of your insurance may change over time. There are specific circumstances where you may need to intimate your insurer. Leading instances when intimation is required are changes to the body, engine, braking and suspension systems, interiors, wheels, paint, etc. Getting vehicle insurance online is a boon under such circumstances. You should quickly reach out to your service provider and intimate them. It saves you time and helps you make alterations to your policy online.

Compare Quotes Available

Purchasing motor insurance online is a fast process. However, ensuring you get a fair deal is essential. That’s why we recommend you compare quotes online. It helps you find the best price available. You can compare quotes to save yourself money. Use this method to your advantage while selecting a stellar service.

The Claim Settlement Ratio

When buying vehicle insurance online, checking claim settlement ratios is essential. The claim settlement ratio of a firm indicates how good they are. A high claim-settlement ratio points towards a great insurance services firm. Additionally, check the reviews of the firm. Reviews help understand how good a firm’s services are. It gives you an understanding of how well they can assist you with insurance!

But Why Get Insurance Online?

The world is changing around us. We have two ways to deal with it, either move ahead or fall behind. Online insurance-like any other online option-is cost-effective. Online insurance businesses don’t need office spaces, extensive infrastructure, or numerous employees. It helps them cut costs for their policies. Additionally, it’s convenient for you. Online service providers are easy to reach. You can contact customer service at any time, around the clock! Thus, get vehicle insurance online today!

Vehicles are an integral part of our life. As society moves towards progress, vehicles will be essential. The rate of life-threatening accidents may reduce in the future. However, the rate of minor accidents may remain the same. That’s why getting your vehicle insured is a good plan. If you’re looking for motor insurance online, Transcorp International Limited (TIL), is the best service provider.  This firm offers comprehensive services in FOREX, Travel, Insurance, etc. With experience and a stellar customer-oriented approach, TIL can get you the right insurance policy. Reach out to their customer care team today, to get the best vehicle insurance online and stay safe!

How to choose the right vehicle insurance policy?

transcorp vehicle insurance

Our world is finite and small. However, the population and the status of living are both on the rise. This is leading us to a time when vehicles are a necessity instead of a luxury. In this world where everyone owns a car, convenience is a norm. However, alongside this, the rate of accidents is also increasing. 

Companies in the automobile manufacturing sector are increasing controls on safety. Every new car has a better safety net, designed to keep you safe. However, once you’re in an accident, financial loss is inevitable. Thus, getting a vehicle insurance policy is essential! Without vehicle insurance, you have to incur twice the loss during an accident. Come let’s dive into vehicle insurance and how it works!

What is vehicle insurance?

Vehicle insurance works like any other insurance across the world. However, this insurance policy directly deals with damage to your car and you, due to accidents, or theft. Insurance for vehicles covers damages that are caused due to tangible and unforeseen events. A vehicle insurance policy is geared to provide financial protection, offer protection for auto lenders, and protect the passengers. 

The different types of insurance policies

We often have different reasons for owning a car. Some of the most common reasons are personal use, business use, etc. For diverse needs, insurance companies in India have arranged a wide range of vehicle insurance policy offerings. Let’s take a look at the five distinct types of insurance plans available in the country!  

  1. Third-party liability only plan – The third-party liability only plan is mandatory as indicated by the government. If you get this insurance you’ll be covered for the cost of repairs and replacement damages to the vehicles of a third party. Additionally, this plan covers the cost of treatment and hospitalisation of third parties and liabilities that arise out of damage incurred by third parties. The sum the insurance covers need to be an amount that helps avoid out of pocket expenses.

  2. Collision or Own Damage Cover – This insurance is a bit different. It reimburses the cost of repairs that your vehicle needs after getting damaged. The insurance declared value and the age of a vehicle are taken into account for cost determination.  For people who own a vehicle that’s on loan, this cover is essential. It helps you prevent unnecessary complications and pocket expenditure.

  3. Personal Accident cover – Accidents don’t only cause damage to vehicles. In the unfortunate event of personal injuries, personal accident coverage can help you. This vehicle insurance policy is designed to cover any medical expenses that you may incur upon meeting with an accident in your vehicle.

  4. The Zero Depreciation Policy – This policy is generally an add-on to insurance in India. The purpose of this insurance is to negate depreciation value. For instance, if you need to replace car parts due to damage, the insurance company generally covers the cost after adjusting for the depreciation of those individual parts. However, with this policy, the company reimburses the gross amount of the parts, in their original condition, with no depreciation accounted for. The reason we suggest opting for this add on is new parts for your car will not come at a depreciated value.

  5. Comprehensive cover policy – A comprehensive policy lives up to its name by covering most of the aspects of insurance!  It includes third-party liability, personal vehicle damage, personal accident cover, and non-collision damage due to natural events. Such events may be floods, fires, theft, etc. You can also apply a range of add-ons to your comprehensive cover policy as you deem fit!

So how do you choose the correct insurance plan?

We’ve informed you of the different situations where insurance is essential. Thus, while choosing a plan, the first thing you need to decide, is what coverage you need. Personal vehicles are better off with comprehensive plans, while third party liability is good for commercial vehicles. Keep your choice affordable and choose plans according to who uses your vehicle. If your family does too, then getting a family plan is beneficial. Choosing a plan with lifetime renewability saves you trouble in the long run. 

It’s recommended you compare quotes before going for insurance. Additional details you should check are the network hospital coverage provided by the insurer and the claim settlement ratio. The higher the ratio, the better an insurer is. We recommend checking out Transcorp International Limited (TIL). They’re a leading vehicle insurance policy provider in India. The company has a stellar track record and can help you find the right plans. They also offer a suite of services related to tourism, FOREX, finance etc. You can check out their website for more information. Get yourself an insurance policy that suits your needs and enhances your safety today! 

Here’s Why Taking a Rental Car Will be the Safest Option for All Your Travel Plans

car renting

Travelling is a delight. The wanderlust in your soul yearns to be tamed by your feet landing on the soil of foreign lands! All of us who travel take delight in packing our bags and hitting the road. There’s so much to see and such a big world out there. Be it the beautiful architecture in Jaipur or the echoing walls of Calcutta’s heritage, this country has diverse offerings! If you’re looking to witness the beauty of Incredible India with your own eyes, having a reliable friend by your side is essential! We suggest going for a car renting service!

What is a car renting service? 

Have you ever thought of travelling at your convenience? While making your bookings and taking your own time is a part of it, it’s not the entire picture. Have you ever thought about the number of small offbeat gems you miss out on? When travelling by train or bus, several locations may intrigue you. However, visiting them is not possible. 

That’s where car renting services give you the freedom of exploration. Stop at any place on your way in your car. Travel in your own time. Get lost in the vivid landscapes of our rich country! These services provide you with a driver-driven rental car. You just have to fill in your details and stipulate the duration of your requirement. That’s all and you get a car all to yourself. 

How do they keep me safe?

  1. Interconnected network offices – No matter where we set foot in this vast country, a good car renting service will always have an office there. This is helpful when it comes to issues that you may face with the vehicle. When travelling on highways it’s quite unsafe. Having a company on call for you at all times is helpful. Especially if such a company provides a range of travel-related services, it can allow you to explore freely!
  2. Drivers are seasoned companions – Traversing the twisting magical roads of our quaint subcontinent is a cumbersome process. The long endless highways that connect the four ends of our country can be quite tricky to manoeuvre. A car renting service makes this experience safer! Drivers provided by such companies are seasoned experts. Having driven time and again on highways, they’re accustomed to the uncertainties involved. Not only does this reduce the chances of accidents, but also ensures navigation is easy.
  3. A better option than owning a car – Owning a car is great, according to general opinion. However, we beg to differ. While owning a car may have its convenience, a renting service cuts the cost to give you the same experience. Car renting services don’t only provide cars on rent for travelling. You can rent them out for daily use as well. Additionally, a company that’s connected well across the country can offer its services in any city. However, it’s still a better option when travelling. Because cars, after intensive travel require maintenance. If you rent one, you won’t incur this cost. The company is solely responsible for maintenance.
  4. Immediate help at times of accidents – A car rental company can offer you roadside assistance services. Apart from having an experienced driver, who knows how to deal with mechanical failures, customer support is available too! At unfortunate times of an accident, the best car renting services can help you contact hospitals nearby. This is an essential benefit of taking cars for rent. 

Where can you find a rental car for travelling?

If you’re looking for a rental car to take on your wild travel itinerary, we recommend checking out leading travel service conglomerates in India. While finding a car rental service is not difficult, they’re often limited to that business only. Thus, such companies aren’t able to provide you with backend support beyond the domain of your car. However, a company offering conglomerate services in travel has integrated services. These firms can help you out with FOREX, travel, insurance, international remittance, etc. If you’re looking to get a car on rent we recommend hiring one from such a firm. 

One of India’s leading travel service conglomerates is Transcorp International Limited (TIL). This company deals with travel and financial domains. If you’re looking for car rental services, TIL is a reliable provider of the same! With a commitment to serving customers, you can get their assistance with ease. We recommend checking out their website today! If you’re planning to travel, having assistance all along the way makes it a safer experience. Not only is renting a car a boon to wanderlust, but it also keeps you and your family in responsible hands. Go online and rent your car today!