General Insurance
Why A Health Plan?
In today’s fast paced lives that we live and in a race to excel in everything, we forget one of the most important asset we own i.e. our health. Due to various habits & changing lifestyles, health related concerns have just become increasingly alarming. We may not be to go back to slow down the pace of our lives but can definitely guard ourselves from its side effect. Here’s when an efficient health cover comes handy so that any sudden illness doesn’t derail our financial freedom. Medical assistance comes with a price tag, such that people are forced to sell of their assets or rely on borrowers to meet the expenses. Such unforeseen events can be easily dealt with a strong health insurance plans. So guard your finances by opting for complete protection for you & your family by getting adequate health cover as per your requirements.
Why Personal Accident Insurance?
Life is uncertain & immeasurable. Accidents & uneventful incidents never ring a warning bell before they strike. Road mishaps, accidents have gone up tremendously & the victims along with their families suffer the consequences of the such unfortunate situation. Alarming statistics report about 1214 road related death that occur in India every year; this should be an eye opener on the perils an individual is exposed daily.
While minor accidents can cause temporary hurdles, major ones can lead to disability for life or even demise. With a view to providing certain relief, insurance companies have devised various policies that serve as true life savers when met with an unfortunate circumstance.
Advantages of Personal Accident Policy
Give yourself a minute to think about what will happen to your dependents if you were disabled because of an accident? There will be no monthly income, no cash inflows but expenses will continue to rise. In such case, an accident insurance policy will help you bring these expenses under control.
- Substantial coverage offered with low premium
- Double indemnity for disability for mishaps occurred while traveling in public transport
- Easy claim process
- Highly customized plan available
- World wide coverage
- Can be bought for individual & family
- Child education advantage
- No requirement of medical tests & documentation
What does the policy cover?
Accidental Death
Accidental death coverage gives compensation on the policyholder's death caused by bodily injury resulting out of an accident. The nominee will receive entire sum assured offered by the insurer.
Permanent or Total Disability
If the accident causes permanent or total disability, then 100% of the sum insured is payable to the policyholder.
Accidental Dismemberment
If policyholder's body part has been dismembered or severed in the accident then the person can claim the sum insured.
Additional Benefits
Funeral expenses can be claimed in case of accidental death. Expenses incurred for transportation of policyholder's dead body from the accident spot to the residence place is covered.
Daily Hospitalization Expenses
Monetary relief offered to the patient on daily basis on hospitalization.
Burns
A certain amount of the policy sum is payable, when an accident results in hospitalization & the victim is being treated for burn injuries.
Bonuses
Some policies may offer bonuses to the dependent kids of the policyholder. This becomes helpful in case of the death of the policyholder or extension of treatment period.
Some Facts Of The Grim Picture Of Road Related Incidents
- About 50 % of road mishaps are of motorized vehicles, cyclists & pedestrians
- It's reported that more than 50 million people are injured in road accidents & most of these accidents result in permanent or temporary disability
- As per a report from WHO (World Health Organization), road related accidents cause over 1.24 million fatalities worldwide with over 90% occurring in low & middle income countries
- According to other reports, road accidents are to become 5th leading cause of death worldwide by 2030
- India witnesses around 145000 road accidents in a year. That makes about 207 deaths per 100000 vehicles
Why Do You Need Travel Insurance?
Traveling has become an integral part of our modern society. We could be traveling for reasons like a business trip or much awaited vacation. But one cannot deny the fact that there are several things that could go wrong when one travels. Disruptions like cancellation of flights, loss of baggage, medical emergency- are some of the unforeseen events that could catch you off guard. So whether you are off to your favorite destination for a holiday or going on a business trip - an adequate & complete travel insurance is a must have.
Types of Travel Insurance
Various plans are available according to every individual's travel needs.
Corporate Travel Insurance
Under this plan, employees of an organization can receive coverage for both domestic and international trips.
Domestic Travel Insurance
In this type, coverage is offered for death, medical emergencies, permanent disability, personal liability, delays, and lost/theft of checked-in luggage.
International Travel Insurance
It gives a comprehensive coverage for medical costs overseas, trip delays, loss of travel documents besides the regular coverage.
Senior Citizen Travel Insurance
This plan covers people in the age group 61-70 years. Besides providing general advantages, it also gives cashless hospitalization coverage and dental treatments.
Student Travel Insurance
This comprehensive cover is suitable for expenses incurred because of medical treatment, study interruptions and passport loss.
Individual Travel Insurance
Under individual travel plan, insured is covered against trip curtailment, trip cancellation and theft.
Family Travel Insurance
It covers baggage loss, hospitalization expenses and other incidental costs. The claim disbursement is not difficult with less paperwork involved.
Multi Trip Insurance
This type of travel insurance is offered to frequent travelers so that they don’t have to apply for insurance every-time they travel.
Single Trip Insurance
As the name suggest, this type of cover is provided only for the duration of the trip. It also covers medical & non-medical emergencies along with baggage loss situations.
Key Features of Travel Insurance
- Coverage offered for medical expenses
- Coverage for expenses related to trip delays
- Coverage for loss of passport and luggage
- For contingencies related to personal possession
Benefits of Travel Insurance
The basic worries of travellers include stolen baggage, lost passports, cancelled flights and trip delays. These mishaps can spoil perfectly planned vacations. Do not let such incidences ruin the entire journey.
Exclusions
- Pre-existing conditions resulting to hospitalization
- Damage or loss of keys
- Trains or flights missed because of civil war/local protests
- Luggage delay Expenses incurred because of civil unrest or local protests Customers should note that exclusions vary from one policy to policy.
FAQs
What are the eligibility criteria for Travel Insurance?
From infants aged 6 months to 70 years old can avail of travel insurance
Are there any medical examinations involved?
No, there is no medical examination required upto the age of 70 years.
Is travel Insurance mandatory?
Travel Insurance is not mandatory in India. However it is mandatory in UK and countries like Austria, Greece, Portugal, Spain, France, Germany, belgium, Luxembourg, Netherlands.
However for a safe and peaceful trip, it is recommended that you take a Travel insurance policy even if you are travelling to countries apart from these.
Is passport loss covered in the travel insurance policy?
Yes, passport loss is covered in the policy. It is covered under the benefit of loss of Baggage and Personal Documents. The assistance provider helps in contacting the consular authorities in case of the loss or theft of an Insured Personal's passport, and arranging for its replacement.
What does loss of checked in baggage cover?
This covers the insured person for the amount spent as cost of replacement of articles if checked in baggage is lost or demaged. The insured must keep the bills of such expenses for reimbursement.
How much cover do I need?
Depends on the duration and your age. Longer stay abroad needs higher cover. Higher age would also demand a higher cover.