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General Insurance

Health Insurance

A person may not care about his health, but he sure do care about his finances. With healthcare cost rising at more than 15 per cent a year, having a health insurance is becoming a necessity.

These policies are of three types –

  • Covers basic hospitalisation needs
  • Critical illness
  • Daily hospital cash reimbursements

With or without a family, you need a health cover. For those who have a family, we recommend a family floater instead of a standalone policy since the probability of all family members needing hospitalisation at one go is remote. Even if your employer offers group medical insurance, get your own cover. A change of job could leave you without insurance, and so could retirement. And, getting a fresh cover after 45 is difficult.

Key Takeaways

  • Buy floater plan to cover entire family
  • Opt for a cashless plan, keep cashless mediclaim cards at hand
  • Ask insurers for premium rates to find the cheapest policy
  • Keep an eye on exclusions and inclusions in the policy
  • Undergo medical tests, if required
  • Buy health insurance even if you have one from your employer

Why do I need a health insurance, my company provides me with a group family health insurance?

You must buy a health insurance policy even if you have one from the company.

Accident Insurance

Accidents don't just happen on the roads. You may meet with one if you slip in your bathroom, or trip down on the staircase in your office/home, or fail to see the next step in the darkness of a cinema hall.

Accidents don't just happen on the roads. You may meet with one if you slip in your bathroom, or trip down on the staircase in your office/home, or fail to see the next step in the darkness of a cinema hall. One careless step could render a double blow to your finances -- your healthcare spending increases as you undergo treatment and your income stream gets disrupted until you recover. It is here when accident insurance plays a crucial role. In India, you have two major options to cover the risk from accidents. First, are standalone personal accident insurance policies (PAIP) available with general insurance companies. Second, you can get it as a rider along with a life cover. Accident policies only cover bodily injuries due to accidents, which are external, violent and visible, as the definition goes. It covers you for four contingencies that may arise from an accident:

  • Death
  • Permanent total disability
  • Permanent partial disability
  • Temporary total disability.

Key Takeaways

  • Choose your preferred insurer as premiums are the same across insurers
  • Provide income and profession details to the insurer
  • Insurer determines your risk category
  • Pay the premium based on risk category
  • Opt for comprehensive cover to include disability

Motor Insurance

You need to compulsorily take a third-party insurance, or third-party liability cover, sometimes also referred to as the 'act only' cover, when you buy a vehicle. It is referred to as a 'third-party' cover since the beneficiary of the policy is not the two parties involved in the contract -- the insured and the insurance company. It covers the injuries to a third person, or damage to the third person's assets. But, it is better to go for a comprehensive motor insurance. You can negotiate for a discount while buying. Look for lower rates without compromising on any of the clauses or feature. Always remember, to transfer your no-claim bonus to the new car, if you are replacing your old one. This way, you would be able to save 20-50 per cent on the first premium of your new car.

Key Takeaways

  • Talk directly with insurers or brokers while comparing premiums
  • Negotiate on discounts
  • Check if there is deletion of any clause or benefit
  • Opt for co-payment/deductible to lower premium outgo
  • Make sure benefit of no-claim bonus is added, if available

Receive the original policy certificate/cover note

Home Insurance

For all of us, buying a house is the most cherished dream and probably the biggest investment of life. Home insurance not only covers your dwelling against unpredictable events, such as an earthquake, but also your valuable personal property, such as consumer durables and jewellery.

The premium is less than 1 per cent of the actual cost of the contents or structure covered. You can also opt for a long-term cover by paying a lumpsum premium.

In terms of cost, the policy gives you two choices –

  • Cover against the present market value.
  • Against the reinstatement value, or the value at the time of the claim.

Fire Insurance Policy only protects the building of your house against fire and allied perils like earthquake, lightning, storm, floods and riots.

Key Takeaways

  • Choose your preferred insurer
  • Compile a list of belongings
  • Keep handy the purchase bills of high value items
  • Opt for personal accident cover or other add-ons
  • Receive the policy certificate