R K & Associate

Insurance Services

Insurance in India refers to the market for insurance in India which covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central Government only.

Life Insurance

Life Insurance is an arrangement between the Insurance company/Government which guarantees of compensation for loss of life in return for payment of a specified premium. In Life Insurance, the beneficiary whose name has been mentioned in the contract receives the specified sum, from the insurer in case of happening of the event i.e. Loss of Life. In this article we’ll see:

Benefits of Life Insurance
Types of Life Insurance Policies
Claim Settlement Process
Life Insurance Companies in India
Principles of Life Insurance
Points to Consider

1. Benefits of Life Insurance

Risk Coverage: Insurance provides risk coverage to the insured family in form of monetary compensation in lieu of premium paid.
Difference plans for different uses: Insurance companies offer a different type of plan to the insured depending on his need for insurance. More benefits come with the more premium.
Cover for Health Expenses: These policies also cover hospitalization expenses and critical illness treatment.
Promotes Savings/ Helps in Wealth creation: Insurance policies also come with the saving plan i.e. they invest your money in profitable ventures.
Guaranteed Income: Insurance policies come with the guaranteed sum assured amount which is payable on happening of the event.
Tax Benefits: Insurance premium is tax deductible under section 80C of the income tax Act, 1961. Insurance companies provide the option to the insured that they can borrow a certain sum of amount. This option is available on selected policies only.
Tax Benefits: Insurance premium is tax deductible under section 80C of the income tax Act, 1961.

2. Types of Life Insurance Policies

Term insurance plan : As the name says Term insurance plan are those plan that is purchased for a fixed period of time, say 10, 20 or 30 years. As these policies don’t carry any cash value their policies do not carry any maturity benefits, hence their policies are cheaper as compared to other policies. This policy turns beneficial only on the occurrence of the event.

Endowment policy : The only difference between the term insurance plan and the endowment policy is that endowment policy comes with the extra benefit that the policyholder will receive a lump sum amount in case if he survives until the date of maturity. Rest details of term policy are same and also applicable to an endowment policy.

Unit Linked Insurance Plan : These plans offer policyholder to build wealth in addition to life security. Premium paid into this policy is bifurcated into two parts, one for the purpose of Life insurance and another for the purpose of building wealth. This plan offers to partially withdraw the amount.

Money Back Policy : This policy is similar to endowment policy, the only difference is that this policy provides many survival benefits which are allotted proportionately over the period of the policy term.

Whole Life Policy : Unlike other policies which expire at the end of a specified period of time, this policy extends up to the whole life of the insured. This policy also provides the survival benefit to the insured. In this type of policy, the policyholder has an option to partially withdraw the sum insured. Policyholder also has the option to borrow sum against the policy.

Annuity/ Pension Plan : Under this policy, the amount collected in the form of a premium is accumulated as assets and distributed to the policyholder in form of income by way of annuity or lump sum depending on the instruction of insured.

Claim Settlement Process

On the happening of the event, the beneficiary is required to send claim intimation form to the insurance company as soon as possible. Claim intimation should contain details such as Date, Place, and Cause of Death. On successful submission of claim intimation form, an insurance company can ask for additional information about

Certificate of Death
Copy of Insurance Policy
Legal Evidence of title in case insured has not appointed a beneficiary
Deeds of assignment

On successful submission of all the document, the insurance company shall verify the claim and settle the same.

Principles of Life Insurance?

Life insurance is based on a number of principles that are tailored to meet market conditions and ensure insurance companies make profits, while offering security policies to insured individuals.

There are broadly four major insurance principles applied in India, these being:

Insurable Interest – This principle pertains to the level of interest an individual is expected to have in a particular policy. The interest could be a family bond, a personal relationship and so on. Based on the interest level, an insurance company can choose to accept or reject an application in order to protect the misuse of a policy.

Law of large numbers – This is a theory that ensures long-term stability and minimises losses in the long run when experiments are done with large numbers.

Good faith – Purchasing an insurance is entering into a contract between company and individual. This should be done in good faith by providing all relevant details with honesty. Covering any information from the insurance company may result in serious consequences for the individual in the future. This being said, the insurer must explain all aspects of a policy and ensure that there are no unexplained or hidden clauses and that the applicant is made aware of all terms and conditions.

Risk & Minimal loss – Insurance is a risky and companies have to do business and make profits keeping in mind the risk factor. The principle of minimal risk states that the insured individual is expected to take necessary action to limit him/her self from any hazards. This includes following a healthy lifestyle, getting a regular health check-up and more.

HEALTH INSURANCE

Health insurance is an agreement whereby insurance company agrees to undertake a guarantee of compensation for medical expenses in case the insured falls ill or meets with an accident which leads to hospitalization of the insured. Generally, insurance companies have tie-ups with the leading hospitals so as to provide cashless treatment to the insured. In case the insurance company has no tie-ups with the hospital, they reimburse the cost of expenses incurred by the insured. The government also promotes health insurance by providing a deduction from income tax.

1. Importance of Health Insurance

Buying a health insurance policy for yourself and your family is important because medical care is expensive, especially in the private sector. Hospitalisation can burn a hole in your pocket and derail your finances. It will become even tough, if the person who brings in the money, is now in a hospital bed. All this can be avoided by just paying a small annual premium which would lessen your stress in case of medical emergencies.

A good health insurance policy would usually cover expenses made towards doctor consultation fees, costs towards medical tests, ambulance charges, hospitalization costs and even post-hospitalization recovery costs to a certain extent.

2. Benefits of having a Health insurance Policy

Cashless Treatment: If you are insured, you can get cashless treatments as your insurance company would work in collaboration with various hospital networks.
No Claim Bonus (NCB): This is the bonus element which is paid to the insured if the insured does not file a claim for any treatment in the previous year.
Medical Checkup: Insurance policy also provide options for health checkups. Free health checkup is also provided by some insurers based on your previous NCBs.
Tax Benefit: Premium paid on Health insurance is tax deductible under section 80D of the Income Tax Act.

3. How to Select the Right Insurance Policy

It’s difficult to select the best insurance policies as all insurance company provides a similar type of insurance plan. Hence some of the important points that any Person should look before purchasing any plans are:

Sum Assured
Minimum Entry Age and renewability clause
Inclusion and Exclusion
No Claim Bonus
Other Benefits

Eligibility Criteria

In India, people under 45 years of age are not required to undergo a mandatory health checkup when obtaining a health insurance policy. They are, however, required to disclose any pre-existing conditions such as diabetes or hypertension. It is, therefore usually advised that one should get a health insurance when young so that the premium would be less.

5. Documents Required when buying a Health Insurance Policy

There are few documents that you need to provide such as:

Age proof – Any one of Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.
Identity proof – Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves one’s citizenship.
Address proof – Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address.
Some plans require a medical check-up (usually for elder people above the age of 45 years)
Passport Size Photo

6. Types of Health Insurance

Individual Health Insurance: This policy covers the health expenses and hospitalization expenses of individual who has taken the policy. Premium under this policy is determined as per the age of insured.
Family Health Insurance Plan: Under this policy, an individual can include all the family members against multiple diseases under a single cover. Family health plan offers a fixed sum assured for the family members, which can be availed by all members of the family or by any one individual in the family.
Senior Citizen Health insurance Plan: This policy is designed for the senior citizens or individuals over 60 years of age offering protection from health issues during old age.
Surgery and Critical Illness Insurance Plan: This plan is suitable for the insured that requires treatment against critical illness, such as kidney failure, paralysis, cancer, heart attack etc. As the medical expenses of these treatments are very high, the premium applicable to these types of policies is also high.
Maternity Health Insurance Plan: This policy covers costs, including pre and postnatal care, child delivery expenses of newborn babies. This policy is also covered for the newborn up to a certain period of time as mentioned in the plan. Ambulance costs are also covered.
Personal Accident Plan: This policy covers hospitalization expenses in the event of an accident. Premium amount is depending upon the amount of cover taken.
Unit Linked Health Plan: These plans offer a unique combination of insurance and savings both at the same time. This policy helps in building a corpus which can be used to meet those expenditures which are not covered by the insurance policy.

7. Tax Benefits on Health Insurance

The amount you pay towards health insurance premium claimed as a tax-saving deduction under Section 80D. You can claim ₹25,000 annually for a health insurance policy for yourself. If you also pay the premium for a health insurance policy for your parents, you can claim up to 30,000 for the same as well.

Earning money is not at all useful if you don’t have a life. Think about yourself and your family and the importance of life. You know the importance and benefits of having a Health Insurance Policy. Start one, if you haven’t already.

8. Health Insurance Claim Process

A health Insurance policy equips you to get the best healthcare treatment without worrying about the huge costs payable at the time of discharge. Therefore knowing about the claim process is an essential piece of information that the insured individual should be aware of at all times.

9. Healthcare Schemes by Government of India

The Indian government (center & state) have launched numerous medical insurance schemes to improve healthcare and make it accessible for the weaker sections of society Here is a list of health insurance schemes provided by the government:

Rashtriya Swasthya Bima Yojana (RSBY): This scheme was launched by the Ministry of Labour and Employment to provide health insurance coverage for families below the poverty line. The Beneficiaries under this scheme can avail a health benefits cover of up to Rs.30,000. A registration fee of Rs 30 is chargeable.
Pradhan Mantri Suraksha Bima Yojana: Is an initiative by the government to bring access to insurance especially for the economically weaker sections of society. This scheme features affordable premiums and provides compensation to the family of the deceased.
Central Government Health Scheme (CGHS): This scheme was launched in 1954. It provides comprehensive healthcare facilities to the central government employees, pensioners and dependents of these employees.
Aam Aadmi Bima Yojana (AABY): This is a social security scheme launched in 2017 to provide healthcare facilities for rural landless individuals. The head of the household or earning member of a family will be covered under the scheme (AABY). The beneficiary should be between 18 to 59 years of age. The dependent of the beneficiary will receive Rs.30,000 upon natural death, Rs.75,000 upon accidental death or permanent disability, and Rs.37,500 on partial disability.
Janashree Bima Yojana (JBY): This scheme was launched in August 2000. This scheme targets people falling below the poverty line (BPL) in 45 occupational groups covered under the scheme.
Employment State Insurance Scheme (ESIS): This is a social security initiative aimed at providing socio-economic protection to the working class and their dependents. The scheme ensures that all member and their family will receive full medical care from day one.
Universal Health Insurance Scheme (UHIS): The Indian public sector insurance companies have implemented this scheme to improve the access to healthcare for poor underprivileged families. Beneficiaries will receive reimbursement for medical expenses up to Rs.30,000 and accidental death cover up to Rs.25,000. The insurance premium for this scheme is Rs.200 per person, Rs.300 for a family of five, and Rs.400 for a family of seven.

Vehicle Insurance

Vehicle Insurance is mandatory by law. Driving around without valid vehicle insurance is illegal in India. In case of death or bodily injury to a third party or any damage to its vehicle, the vehicle insurance policy provides compensation of up to Rs 1 lakh. Such type of vehicle insurance is known as the third party insurance and it protects not only you but also other people or family members who may be riding / driving your vehicle.

Comprehensive vehicle Insurance protects your vehicle from any man made or natural calamities like terrorist attacks, theft, riots, earth quake, cyclone, hurricane etc in addition to third party’s claims/damages. At times vehicle Insurance can be confusing and difficult to understand. There are certain guidelines that should be followed by the Vehicle Insurance buyers while choosing the policy. Vehicle insurance acts like a great friend at the time of crisis. It covers the losses made in an accident and thus saves you from paying out the huge sum from your pocket.

Benefits of Vehicle Insurance:

All the states in India require a minimum amount of insurance. Vehicle Insurance can help offset the loss of huge sum in the following manner:
Provides benefits to survivors when an accident results in death.
It covers lawsuits, including legal fees brought against you as the result of an accident.
Covers the bills of vehicle repairs due to damage caused in an accident.
Covers damage caused by other than an accident for example, theft, fire, etc.
Additional discounts: Vehicle Insurance policies allow premium discounts for theft or for owning more than one policy with the same insurer. It also provides added advantage to extend coverage to others driving your vehicle with your permission.
No Claim Bonus: If you do not make a claim during the policy period, a No Claim Bonus is offered on renewals provided you fulfill certain terms and conditions

1. Car Insurance

A Car Insurance Policy is a contract between the insurance company and insured that safeguards the policyholder against financial loss in case of theft or accident. Car Insurance offers coverage for property like theft or damage of your car liability, legal accountability to others for property damage or bodily injury, the expenses for injury treatment etc.

As per law, it is mandatory for vehicle owners to buy car insurance for their vehicles plying on Indian roads. Car Insurance or motor insurance covers for losses that you might incur if your car gets damaged or stolen.

The premium amount of your car insurance is decided on the basis of Insured Declared Value or IDV of the vehicle. If you increase the IDV, the premium rises and if you lower it, the premium reduces. It is important for any policyholder to compare various car insurance options before going for a car insurance renewal or buying a new policy.

With car insurance comparison on R.K. & Associate, you can save money, avail discounts, and find the best plan. Compare various insurance plans online and buy the one that fulfills your insurance expectations hassle-free.

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Key Benefits of Car Insurance

The car insurance plan offers the following benefits:

Coverage against loss or damage to the insured vehicle.
Coverage against loss or damage to your vehicle caused by accident, theft, fire, explosion, self-ignition, lightning, riots, strikes or act of terrorism, natural calamities.
Coverage against financial liability caused by the injury/death of a third party or damage to the property.
Personal accidental insurance cover.

2. Two Wheeler Insurance

Two wheeler insurance refers to the type of insurance policy that offers coverage against any damage caused to a two-wheeler and/or its riders arising due to some unforeseen event such as road accidents, theft or natural disaster. It also provides protection against third-party liabilities that may arise due to bodily injuries or damages caused to a third-party individual or property.

Two-wheeler insurance is an ideal solution to meet the ever-so-inflated repair costs that may arise due to the damages caused to the insured two-wheeler vehicles. In addition, insurance policy for bike provides protection to all types of two-wheelers including motorcycles, moped and scooters, and are available for all two-wheeler vehicles used for both, personal or commercial use.

One of the major reasons to own two wheeler insurance is to ensure protection against third party liability. Moreover, the Indian Motor Vehicles Act makes it mandatory for all bike owners to have bike insurance, at least third party insurance, without which one can’t ride a motorcycle. Considering the rising number of accidental cases, bike insurance is essential to ensure the utmost financial protection. Apart from the liability coverage, 2 wheeler insurance comes in handy in covering the following:

Loss or damage of vehicle caused due to natural calamities such as earthquake, or flood, fire, self-ignition or lightning etc.
Loss or damage of vehicle due to man-made calamities, burglary, theft, strike, malicious acts.
Personal accidental cover for owner-driver/riders

Key Features of Two Wheeler Insurance

Two-wheeler insurance market has changed dramatically, thanks to the emergence of new players in the market. Nowadays, bike insurance companies have come up with a range of features to woo new customers and retain old ones. In this regard, below are the common features of two wheeler insurance:

Two wheeler insurance protects the insured vehicle against loss or damages sustained due to man-made or natural calamities
Third party bike insurance is mandatory in India, where insurance coverage is provided against legal liabilities
Bike insurance online is the most convenient and the safest way of buying motorcycle insurance.
The policy is easily transferable in case of switch of the insurer
No claim bonus is an alluring benefit offered under own-damage cover, where the insured is rewarded for not claiming the insurance. The NCB bonus can be earned up to a certain percentage in terms of discount in the policy premium or increase in the sum insured.
Quick settlement of claims, instant policy purchase, online renewal etc. are some of the basic features of this plan.

Types of Two-Wheeler Insurance Policies:

Typically, there are two different types of two-wheeler insurance policies available at the disposal of insurance seekers in India:

1. Comprehensive Two-Wheeler Insurance

The comprehensive two wheeler insurance, as the name suggests, provides total cover for the two-wheeler and the insured. The list of coverage include:

2. Protects from Loss/Damage Caused to the Vehicle

Any damage that is caused to the insured vehicle due to man-made disasters or due to natural calamities is covered. The insurer will compensate for the loss suffered by the insured and gets it back running into its original condition. Most insurance companies offer additional covers or optional features to be considered in order to enhance the basic coverage.

3. Personal Accident Cover

It offers a personal accident cover up to Rs. 15 lakh in case of accidental injury leading to partial/total temporary or permanent disability and death. The Indian motor insurance providers offer the optional benefit for adding co-passengers as well.

4. Coverage against Third Party Liability

Third-party Death or bodily Injury: It protects the policyholder against any liability arising due to 3rd party injury or death, where the insured vehicle remains at fault. At times injuries may result in hospitalization, cause temporary or permanent damage or partial or total disability such as loss of limbs or eyes. The liability amount to be paid by the insured will be covered.

Damages to Third Party Property: The insurance companies cover third-party property damage up to a specified limit as defined under the policy document.

Third-Party Liability Only Policy

The two-wheeler liability insurance policy only covers the policyholder against legal liabilities arising out of injuries caused to a third-party, property damage or death from the insured 2-wheeler. As the name suggests, the policy doesn’t cover the insured vehicle or any damage/loss sustained by it.

Most motor insurance providers in India also provide a personal accident cover for the owner of the motorcycle, moped or scooty. As per the new IRDA’s rule, all the motor insurance providers will offer multi-year (up to 5 years) third-party insurance cover to all the two-wheelers that are purchased after Sept 01, 2018.

Travel Insurance

Travelling around the world is a thrilling experience. However, no matter how precisely we plan our trip, things tend to go haywire. Presenting Travel Insurance, that offers coverage against lost passport, lost checked-in baggage, trip delays & more. We offer plans specially designed for Asia,Schengen,USA & Canada, and other countries, and have customized plans for family trips, solo travellers, senior citizens, and students studying abroad.

A medical coverage of atleast Euro 30,000 is compulsory to get a Schengen Visa. We recommend you to opt for our Schengen Travel plan if you are travelling alone. However, you can select our World Excl./Incl. USA & Canada plan if you are travelling with your family.

No matter where you are going, we have a travel insurance plan for you:

1. Asia

Off to discover gorgeous locations in Asia? Secure your trip with the specifically designed Asia Travel Insurance policy.

2. Schengen

Planning a trip to any of the exotic Schengen countries? Secure your trip with Schengen Travel Insurance Policy.

3. USA & Canada

USA & Canada offers a host of brilliant destinations to discover. Secure your trip with the U.S.A and Canada Travel Insurance.

4. Other Countries

We offer international travel insurance plans for countries such as South Africa, Australia, UK, Middle East and South America.

Specific travel insurance plans for:

Student Travellers

Senior citizen Travellers

Frequent travellers

What does the policy cover-

At Travel Insurance we strive to negate all possible risks that you could encounter while travelling. Whether you are going on a leisure or a business trip, we've tried to 'pack in' maximum coverage for a variety of situations in our travel insurance policies.

Acute anaesthetic treatment of teeth due to an injury
Cost of obtaining a fresh or duplicate passport in case of a lost passport
Compensation for death or permanent disability due to an accident, while riding as a passenger in a common carrier
Reimbursement of return ticket fare for a family member visiting you, the insured, if you're hospitalized for more than 7 days
Emergency medical expenses incurred by you or any of your family members whilst abroad, for any sudden illness, injury or death
Expenses incurred if you miss a connecting flight due to a delay of more than 3 hours
Facility to provide you emergency cash in case you lose travel funds due to theft
Compensation for a third party in case your involuntarily actions result in someone's demise, cause someone injury or damage to health or property
Accidental bodily injury during the trip
Emergency expenses made for medical evacuation to India
Expenses incurred if a trip is cancelled or interrupted due to airline, medical, personal employment problems or natural disasters
Expenses incurred while transporting the insured's mortal remains back home or towards burial abroad in case of an untimely demise
Insurance against burglary in your home, while you are travelling abroad
Special distress allowance if your plane is hijacked for more than 12 hours
Total loss of your checked-in baggage by a common carrier

What does the policy not cover-

As much as we would like to cover all possible risks, certain situations are just not feasible. We like to maintain complete transparency with our customers. So here's what we don't cover in our travel insurance policies: -

Life-threatening conditions are covered only if they arise from disclosed pre-existing diseases, which are mentioned in the travel insurance policy schedule, for people up to 70 years of age. Claims arising out of non- disclosed and non-declared pre-existing medical conditions will not be covered. So make sure to declare all pre-existing diseases while taking the travel insurance policy.

Expenses incurred due to any of the following conditions:

Suicide
Self-inflicted injuries or illnesses
Mental disorder
Anxiety, stress or depression
Venereal diseases
Alcohol/drug abuse
HIV/AIDS

Expenses incurred if you're...

Traveling against the advice of a physician.
Receiving or are on a waiting list for specified medical treatment.
Travelling to receive treatment abroad.
Have been given a terminal prognosis for a medical condition.

4. Issues faced due to theft or loss of passport when left unattended, or unreported to local police authorities.

5. Loss of checked baggage - no partial loss or damage shall become payable

6. War or nuclear threat in the country where you're travelling Insurance policy.

Mutual Funds – Your key to grow wealth

Invest in best mutual funds or learn about how you should start investing in mutual funds

What are mutual funds?

A Mutual Fund (MF) is formed when capital collected by various investors is invested in purchasing company shares, stocks, or bonds. Shared by thousands of investors, mutual funds investments are collectively managed by a professional fund manager to earn the highest possible returns. This is how mutual funds work, not only in India but, anywhere in the world.

A Mutual fund

Money pooled from various individuals (investors)
Access to large portfolios
Higher returns than conventional investing

Well-regulated (by SEBI)
Access to large portfolios
Higher returns than conventional investing

Investing in Mutual Funds is the easiest way to grow your wealth. The fund manager’s expertise is an important factor to consider while choosing the fund. All Mutual Funds are registered with the Securities Exchange and Board of India (SEBI) and hence, your investment is safe.

Types of mutual funds

Mutual funds are broadly classified into three categories based on their investment traits and risks involved. Understand all mutual fund types and analyse them to check if your requirements would be served by investing in a particular type of mutual fund. Following are the types of mutual funds:

Equity Funds

Equity funds primarily invest in shares of different companies. Your equity funds investment would make a profit when the share prices surge, while they suffer a loss when the share prices fall. Investing in equity funds is apt for those who stay invested for an extended period and are comfortable with moderate to high risk.

Debt Funds

Debt funds primarily invest in fixed income government securities such as treasury bills and bonds, or reputed corporate deposits. Investing in debt funds is less risky than equity funds. Debt Funds are apt for those who are risk-averse and looking for a short-term investment.

Balanced or Hybrid funds

As the name suggests, balanced or hybrid funds invest in both equity and debt instruments to balance the risk and maintain a specific rate of return. The fund manager decides the ratio to reap the best of both debt and equity instruments.

Why Mutual Funds?

Mutual Fund investment offers various benefits that make them the most lucrative investment option.

Expert Money Management
Systematic Investment Planning

Diversification
Safe and Secure

Get Better Returns with Mutual Funds

Rs 1,000 invested monthly for 20 years in different investment options will become

Bank : 3.65 Lakh (4% p.a.)
Fixed Deposit : 4.82 Lakh (6.5% p.a.)

Gold : 4.3 Lakh (5.5% p.a.)
Mutual Fund : 15.2 Lakh (15% p.a.)

Who should Invest?

R.K. & Associate make Investing easier for you with Financial Distributors Network – NJ India. Each fund is designed to fulfil different goals. It is particularly useful for those who do not have enough time to research and choose wisely.

When to Invest?

Funds Availability
Investment Duration

Market Conditions
Expected Returns

Investors may find it difficult to analyse funds by considering the factors mentioned above and hence, investing in SIP is the best option they have. There is no specific time that is considered the best to invest. The best time to invest is when you have money in hand. You shouldn’t worry about the market volatility, and not every Mutual Fund invests in equity instruments.

How to Invest?

Thanks to the digital wave, you can easily access NJ India nowadays. How to invest in mutual funds depends on person to person. Indian MF investors are given the following options:

Direct Investment

Visit the nearest branch of the fund house to collect an application form or download it from the web. You must go through the fine print carefully and clear all your doubts before investing.

Agents

These are sales professionals who reach out to potential customers and inform them about the various fund options. You can choose a fund based on your income, investment goal, and risk appetite. The agent helps you with the application process, transactions, redemption, and cancellation. They charge a commission for their services.

Online (Distributors/Fund Houses)

Buying/selling MF units online is common today. This helps in saving time and efforts, and most importantly, makes it easier to compare various funds to make an informed decision. NJ India is one such portal that handpicks the best Mutual Funds from the country’s top fund houses for you, absolutely free of cost. All you need to do is enter your personal details and make the payment. The entire process can be done in less than five minutes.