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  The IRDAI (Insurance Regulatory and Development Authority of India) has officially released its mandate for unique Pay as you drive or Pay how you drive policies of insurance companies that will be based on car owners and their driving histories. Insurance companies can also come up with floater policies as add-ons for people possessing more than one two-wheeler or vehicle. This will not only lower the cost of insurance but also increase vehicle numbers in the market, as per several experts. Car owners may now get insurance coverage on the basis of the kilometres that they usually drive. Technology-driven policies may also be integrated as specific add-ons in addition to basic own damage coverage. These plans will ensure distance-based coverage to save upfront payment costs. The coverage for Pay as you drive will suit those who drive sparingly or have multiple vehicles, with many of them being different from each other.  What is the main reason for this 'Pay as You Drive'

  Once you are choosing life insurance coverage, you may often be blocked with some questions regarding the term insurance plan as well as an endowment plan. There are a few differences between term insurance plans and endowment plans and these are discussed below:  In terms of investment, the term insurance plan only covers life or secures a life from financial losses. However, in case of an endowment plan, it is a combination of investment as well as insurance. This means that it covers life as well as maturity benefits. Once you are choosing a term plan, it is to be remembered that it must be calculated in the term insurance premium calculator so that you can work out your premium amount. The term plan pays out the lump sum coverage amount to the nominee in case of the policyholder’s death. However, if the tenure ends with the policyholder still alive, then there are no such payouts.  In the case of a term insurance plan, the premium amount is mostly affordable, but it provides the

  Term insurance refers to the purest and simplest form of life insurance. Term insurance is beneficial as it provides financial protection to the policyholders and their families at an affordable rate. It is possible to get a large amount as the sum assured or life cover with term insurance, at a relatively low premium rate. In case the policyholder dies, the insurance company is supposed to pay out the benefit amount to the nominee. A term insurance premium calculator can be used in order to calculate the premium amount that a person needs to pay for the chosen plan and life coverage benefits.  Why buying term insurance is imperative  There is more than one reason why a person needs to purchase term insurance. First, it provides financial security to their family. If a person is a primary earner in a family, purchasing a term plan would take care of the family’s financial needs in their absence. Another reason for purchasing a term insurance plan is that it secures the assets of t