Insurance for all reasons

Published in hindustantimes on  Jun 25, 2019.
The purpose of an insurance cover is to protect you financially against unforeseen events. Here’s a look at insurance covers other than health and life which can come handy.
Most of you may be familiar with health insurance and life insurance policies. But did you know you can get insurance cover against loss of cash? If you are planning a wedding, you get a cover for it too. However, remember that insurance cover is for protection – don’t look at it as an investment. The purpose of an insurance cover is to protect you financially against unforeseen events. Here’s a look at insurance covers other than health and life which can come handy.

INSURANCE AGAINST LOSS OF CASH

If you make cash transactions frequently, you may want to consider money insurance. Home insurance protects you against loss of money in the form of cash or coins when it is in your custody or while you are in transit from your bank. While the premise of home insurance plans is coverage against natural disasters, stand-alone money insurance plans may not cover you for a loss of cash due to floods, cyclones or other natural disasters, which may be otherwise covered in the home insurance plans.

Money insurance exclusions include loss owing to riots, unauthorised handling, theft from unsecured vehicle, and unsecured storage of cash. “Such covers come in handy more for businesses than households as the amounts are larger,” said Kapil Mehta, founder, SecureNow.in. It also covers bank drafts, cheques and treasury notes.

TREK COVER

The sum insured is up to ₹1.5 lakh including personal accident and adventure sports. Bajaj Finserv offers one-year cover for ₹699. The product has a feature that lets you block all your bank accounts and credit or debit cards with a phone call. At the time of loss, you can get hotel and travel assistance up to ₹1 lakh in India and ₹1.8 lakh abroad. You get insurance protection against personal accidents, accidental hospitalisation, bounced hotel bookings, trip cancellation, home burglary, and baggage loss up to ₹3 lakh. You can also get free replacement of your PAN card, along with other documents, if you lose it. The cover also provides replacement of a smart phone that you will have to return after the trip is over.

PET INSURANCE

You may want to take a look at this insurance product if you have pets at home. New India Assurance Co Ltd and Oriental Insurance Co Ltd offer pet insurance. According to Bankbazaar.com, New India Assurance offers insurance for dogs in the age group of eight weeks to eight years. The premium rate for this policy is 5% of the sum assured of your plan. You can also get covers for ducks, elephants, rabbits and inland fish. Oriental Insurance Co Ltd provides insurance policies too.

Some of the exclusions for this plan are partial and permanent disability of any nature, rabies, canine distemper and leptospirosis. “The premium can range anywhere between ₹200 and ₹10,000, depending on a number of factors,” said Navin Chandani, chief business development officer at bankbazaar.com, an online market place for financial instruments.

TERROR COVER

By default, health plans do not cover terror activities. “But you can ask for an extension or additional cover on other plans such as property insurance and fire safety cover,” said Mehta. The extension can be done at an extra cost of 5%, he added. International travel plans also cover terror attacks in international destinations only. For example, Religare Health Insurance, Reliance General Insurance and Royal Sundaram General Insurance include terror cover in travel insurance. Premiums in such plans are not separately charged as this risk is built into the plan. Connection to any terror activity and travelling to curfew-imposed places despite government advisory to tourists are excluded.

WEDDING OR EVENT INSURANCE

Did you know that you can also get your events, such as you wedding or your child’s birthday party, insured?

Event insurance policies give financial protection on cancellation of such events owing to conditions such as unfavourable weather conditions, cancellation due to riots or wars, government interventions in the functions, cancellation due to conditions such as seepage, pollution or contamination and loss due to wear and tear or gradual deterioration of the property.

Companies such as ICICI Lombard General Insurance Co Ltd, Future Generali General Insurance Co Ltd and Pune-based NBFC Bajaj Finserv Ltd provide insurance cover for events.

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