Health Insurance
Now a day’s medical care is expensive especially in private sector (Growing @20%)All this can be avoided by just paying a small annual premium which would lesser then your stress in case of medical emergencies. Health insurance helps to pay for your health care. If you have health insurance, you are able to get the health care whenever required. Some people who are young and healthy, are questioning why they need coverage at all. Like Life & Auto insurance, health insurance is a service you pay for but hope you will never need. It is there for the unpredictable and unexpected problems that come up in people’s lives. You may be healthy now, but if any sudden or serious illness, can leave you with staggering medical bills. The inability to pay high medical bills, one of the most common reasons people file for personal bankruptcy, can ruin your credit history and set you back for years.
Things to note before buying a Health Insurance
* Please ensure that the health insurance policy you buy gives enough coverage to you and your family.
* Make sure that all members of the family are covered and that sum insured opted for will take care of quality healthcare.
* Do not be underinsured just to save money on premium.By paying a little extra, you may be able to get more benefits.
* Instead of going for the low-cost plans, compare all the features.
* Go for the cashless hospital.
* If you don’t have any claim in previous year,insurance companies will offer some per cent bonus on sum assured the next year.
Home Insurance
Your home is your abode of dreams, however, any mishap like fire can arise to destroy the ‘beauty’ of your house. So, it makes sense to go with a fire insurance policy that curtails financial losses due to fire to some extent Traditional business property insurance protects the buildings, equipment, stock and possessions of your business from physical threats such as fire, flood, theft or malicious damage. There are two types of home insurance policies — basic fire insurance policy and a comprehensive policy, also called the householder's package policy (HPP). Fire insurance policy covers your house against fire and other allied perils including lightening, storm, flood and riot. However, some insurers may ask you to pay an extra premium in order to cover disasters such as earthquake and landslides. You can also insure your house and contents against terrorism by buying an add-on cover.
Advantages of a Fire Insurance policy for homeowners
*It ensures the cost of damages to the building
*It gives replacement cost, which helps a home owner to buy a similar article
*It covers replacement / Repairing cost for the electronic items, like computers, air conditioners, television, etc.
*Jewellery And Valuable
Travel Insurance
Having a travel insurance, it means you are covering yourself from travel risks such as lost or stolen luggage, cancellation cover (should you not be able to travel due to unexpected medical reasons) and most importantly, unexpected medical costs abroad. Considering the fact that cost of a small medical emergency abroad could deplete your entire holiday budget, it offers you peace of mind. Something routine, like a visit GP in the USA, could cost upwards of $250 with hospital bills easily running into the millions.
What does a travel insurance policy cover?
*Emergency medical cover
*Losses occurred due to unexpected cancellation
•*Death and disability cover
*Personal liability cover
*Luggage cover
*Various other inconvenience, like for instance costs incurred when being forced to extend your stay due to adverse weather.
Motor Insurance
According to the Motor Vehicles Act, 1988, it is necessary for every owner of a vehicle to take an insurance policy to cover the amount, which owner has to pay as he is legally bounded as a result of accidental death, bodily injury or damage to property. There are basically two types of motor insurance policies.
Third Party Insurance
Third Party Insurance, is compulsory. It covers you form the damages done to third party or to the property of third party. In simple words, if you met with an accident with another car, a third party policy will only pay for the repair of the other vehicle, and will pay for any medical claims or injuries suffered by the people of the other car and any passengers in your car other than you.
*But the policy doesn't cover any compensation for your car, you can add riders too in the policy which will be 100% compensated.
*Death or bodily injury to a third-party person
*Damage to third-party property
*Liability is covered for an unlimited amount in respect of death or injury and damage to third-party property, Rs 7.5 lakh under commercial vehicle and cars, Rs 1 lakh for scooters and motorcycles.
Comprehensive Insurance OR Full Insurance
Comprehensive car insurance is third party insurance with some additional benefits,which will protect you the event of your vehicle being stolen or set on fire, and also pay for any sort of damages to your vehicle. It cover damage to insured vehicle also, it can be via lightning, burglary, riot and strike, malicious act, terrorist act, fire and shock damage, any natural calamities ,transit by road, inland waterway, lift, elevator or air.
Personal Accident
A personal accident cover offers coverage to the insured and his family in case of an accident whereby his/her family members will be able to get the compensation amount in case of injury, death, total or partial disability that takes place because of any accident caused by violent, visible and external means. Most people basically have two types of insurance cover, namely life insurance and health insurance. The purpose of life insurance is to cover the risk of early death and the purpose of Health Insurance is to act as a cushion against hospitalization expenses.
Why you need Personal Accident Insurance
*Disability taken care of
*Major hospital and other expenses can be opted
*Home alteration and vehicle modification benefit
*Death of the policyholder
*Family transportation
Fire Insurance
A fire insurance is a contract under which the insurer in return for a consideration (premium) agrees to indemnify the insured for the financial loss which the latter may suffer due to destruction of or damage to property or goods, caused by fire, during a specified period. The contract specifies the maximum amount, agreed to by the parties at the time of the contract, which the insured can claim in case of loss. This amount is not, however, the measure of the loss. The loss can be ascertained only after the fire has occurred. The insurer is liable to make good the actual amount of loss not exceeding the maximum amount fixed under the policy.
The types of losses covered by Fire Insurance are
*Goods spoiled or property damaged by water used to extinguish the fire.
*Pulling down of adjacent premises by the fire brigade in order to prevent the progress of flame. Breakage of goods in the process of their removal from the building where fire is raging e.g. damage caused by throwing furniture out of window.
*Wages paid to persons employed for extinguishing fire.
Workmen Compensation
Workers' compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue their employer for the tort of negligence. Employers have a legal responsibility to their employees to make the workplace safe. However, accidents happen even when every reasonable safety measure has been taken. To protect employers from lawsuits resulting from workplace accidents and to provide medical care and compensation for lost income to employees hurt in workplace accidents, in almost every state, businesses are required to buy workers compensation insurance. Workers compensation insurance covers workers injured on the job, whether they're hurt on the workplace premises or elsewhere, or in auto accidents while on business. Workers compensation provides payments to injured workers, without regard to who was at fault in the accident, for time lost from work and for medical and rehabilitation services. It also provides death benefits to surviving spouses and dependents.