GENERAL INSURANCE

OVERVIEW

General Insurance means insurance other than life insurance such as health insurance, marine insurance, fire insurance, etc. In the unprecented times general insurance is a way which help the people to have a burden and tension free life. It also help the customers by solving the problem of cash crunch during their difficult times.

HEALTH INSURANCE

At a time where Inflation in Health Care is increasing at almost double the rate of overall inflation it has become a basic requirement to protect yourself against such expenses. Health insurance also popularly known as Mediclaim is the most basic and foremost need of today’s world. With advancement in insurance industry it is now possible to compare and buy the Best Health Policy.

INDEMNITY POLICY

Indemnity plans reimburses the insured for the costs incurred because of the specific events. In case of Health Insurance, costs of medicines, visits to doctors, hospital stays, etc are covered by the insurer. It does not provide any additional cash benefits.

BENEFITS OF PRODUCTS

These products pay a predefined amount in case a said event occurs, irrespective of the costs incurred. It includes products such as Maternity Benefit Insurance, Critical Illness Insurance, etc.

CRITICAL ILLNESS INSURANCE

It covers more than 35 major illnesses such as Cancer, Heart Attack, Open Heart coronary artery bypass grafting, Kidney Failure, Stroke, Major Organ transplant, Bone marrow transplant, Paralysis of limbs, etc.

Critical illness insurance protects you against such expenses by paying a lumpsum amount on detection of any major illness defined in the list.

MATERNITY BENEFIT

Maternity Insurance ensures best facilities for the child and the mother without burning a hole in your pocket. It covers all the expenses such as:

  • Pre-natal tests
  • Medical procedures
  • Expenses related to caesarian delivery or normal delivery
  • Post-natal tests
  • Complications arising from child birth
  • Coverage for new born
  • Ambulance charges
  • Nursing charges, etc.
HOSPITAL DAILY CASH BENEFITS

Daily cash benefit is a defined benefit policy that pays a predefined sum of money for every day of hospitalization. It helps you take care of non-medical expenses without disturbing your monthly finances.

SENIOR CITIZEN HEALTH INSURANCE

For people above the age of 65 Years planning to buy a Health Insurance Senior Citizen plans are the best option. Senior citizen plans ensure the availability of extra care required at an elderly age. With Nominal premiums you can provide best healthcare to your Parents.

Points to keep in mind while buying Health Insurance for your parents:

  • Compare Various product’s features
  • Co-Payment
  • Waiting Periods
  • Pre-existing diseases coverage
  • Sub-limits on certain diseases
  • Choose a higher Sum Assured
HEALTH INSURANCE FOR HEART PATIENTS

Fast changing lifestyles and food habits have contributed to an increase in heart-related ailments by 50% in the period between 1990 and 2016. Standard Health Care Plans may not cover pre-existing conditions and are do not provide enough coverage for huge expenses brought in by Heart ailments.

Dedicated Cardiac Care Plans Provide the following Advantages

  • It covers all Heart related procedures
  • There is an option of lumpsum payment on detection as opposed to actual expenditures incurred
  • Available for patients with Pre-existing conditions
  • Tax benefits are available under section 80D of Income Tax Act, 1961.

PERSONAL ACCIDENT

With 11% share, India accounts for highest number of deaths by accidents. Personal Accident Insurance has been designed to provide compensation or financial assistance in case one suffers from Death or Disability due to some External, Accidental and Violent means.

The best part of this policy is that it compensates the amount of salary for that particular period when the insured person is temporarily confined due to some accident and is not able to attend his occupation / profession.

It provides Following benefits:

  • Accidental death
  • Permanent Partial Disability
  • Permanent Total Disability
  • Temporary Total Disability
  • Medical expenses due to accidental Hospitalization
  • Medical evacuation
  • Child’s Education Expenses
  • Loan Protector
  • Daily Cash Benefits

AUTO INSURANCE

India ranks 1st in the number of road accident deaths across the 199 countries reported in the world road statistics. Auto insurance covers the loss or damage caused to the vehicle or its parts due to natural and man-made calamities. It provides accident cover for individual owners of the vehicle while driving and also for passengers and third party legal liability.

Auto insurance offers the following additional covers:

  • Engine protector
  • Tyre protector
  • Cover for loss of key
  • Road Side Assistance
  • Third Party Damage
  • Cost of Consumables
TYPES OF AUTO INSURANCE

Third party liability insurance is mandatory for every vehicle under the Motor Vehicle Act,1988. This insurance protects you only against liability arising out of damage done by your vehicle to another vehicle, property or person.

Comprehensive insurance offers you complete protection against the damage incurred to your vehicle, death of the driver or the passengers as well as damage caused by your vehicle to a third party vehicle or property or a person.

TRAVEL INSURANCE

Travel insurance covers you from financial risks and losses that can occur while travelling.

Major Coverages include losses due to:

  • Trip Cancelation
  • Flight Delay
  • Missed Connecting Flight
  • Emergency Medical Expenses
  • Home Burglary
  • Accidental Death
  • Loss of Passport
  • Loss due to delay/ Loss of baggage
  • Hijack
  • Fraudulent Charges
  • Emergency Cash Advance, etc.

If you are frequent traveler, you can buy Annual travel insurance policy and skip the hassle of buying a policy for each trip. You can get insured for your last minute trips with single day issuance of policy.

MARINE INSURANCE

Despite major advancements in other forms of transportation, a surprising 90% of all goods are transported by ship.

The Marine Insurance policy covers the loss or damage to property caused due to:

  • Natural disasters like cyclone, earthquake, lightning, etc.
  • Man-made disasters like theft, violence, and piracy of ships
  • Collision, overturning or derailment of land conveyance
  • Sinking or stranding of ships
  • Expenses such as survey fees, forwarding costs, and reconditioning costs
  • The Marine Insurance Policy covers transits by: Air, Land, Water, Rail Road, Courier, etc.

Marine insurance policies are available in different structures. Based on how frequently you need marine insurance you can select a structure:

  • Annual Turnover Plicy (ATOP)
  • Specific Voyage
  • Open Policy
  • Annual Policy.

FIRE INSURANCE

Fire Insurance protects you from any loss arising out of damages to your property because of:

  • Fire
  • Lightning
  • Explosion / Implosion
  • Impact Damage
  • Aircraft Impact
  • Bursting / Overflowing Of Water Tanks / Pipes / Apparatus
  • Sprinkler Leakage
  • Storm
  • Cyclone/ Typhoon/Hurricane/ Tempest/ Tornado
  • Flood
  • Inundation
  • Subsidence
  • Landslide (Including Rock Slide)
  • Riots, Strikes
  • Malicious Damage
  • Missile Testing Operations

It covers expenses related to:

  • Actual loss of goods due to fire
  • Additional living expenses due to damage to personal property
  • Loss to adjacent building or property due to fire in the insured building
  • Compensation paid to fire fighters

Additionally, there are options to insure Earthquake and Terrorism risks and a host of extensions including Insurance of rent.

Fire Insurance also helps you cover Consequential Loss: loss of profits of a business due to reduction in the turnover caused by a loss or damage that is covered in the Standard Fire Policy.

GROUP INSURANCE PRODUCTS

GROUP MEDICLAIM POLICY

GMC is a packaged medical insurance policy whereby we can cover a large group of people under a single umbrella with affordable premiums. It helps the employer in fulfilling his moral responsibilities towards his employees.

  • It is a named policy whereby you have to provide a list of names of the employees in the organization
  • Employees leaving / joining the firm in the middle of the year can be excluded / Included respectively in the policy.
  • Premium for the employees may vary based on their age group
  • You can cover various employee groups for different sum assured based on their designation in the organization
  • Families of employees can also be covered with additional premium
  • There is a minimum number of members required to be covered to avail this policy, this number can range from 20-100 members.
  • All the conditions and diseases are covered from day 1 with no waiting periods applicable
  • Tax benefits under section 37(1) is available.
  • Cashless facility is available.
GROUP PERSONAL ACCIDENT

Certain Coverages not included in Group Mediclaim but covered under Group Personal Accident policy are as follows:

  • Accidental death
  • Permanent Partial Disability
  • Permanent Total Disability
  • Temporary Total Disability
  • Medical expenses due to accidental Hospitalization
  • Medical evacuation
  • Child’s Education Expenses
  • Loan Protector
  • Daily Cash Benefits
WORKMEN COMPENSATION

As per the Workmen Compensation Act in India, the main employer or contractor is liable to pay compensation to employees in case of death, bodily injury or occupational diseases sustained to employees at the workplace. Workmen Compensation Insurance aids the employers in fulfilling their obligations without disturbing their finances.

It protects the employer against liabilities arising because of:

  • Death
  • Permanent Partial Disability
  • Permanent Total Disability
  • Temporary Total Disability
  • Medical expenses arising out of any injury occurring at workplace
  • Legal costs arising because of any accident