a) Home Insurance
What is Home Insurance ?
A home insurance is a property insurance policy to help you cover your own home or rented apartment, and your personal belongings within, from unforeseen circumstances such as burglaries, fires, floods, storms and explosions.
Buying a house is one of the most vital investments people spend all their life working towards. Yet, there are so many people who forget to secure and protect for this very important investment in their life. From your cutting-edge gadgets and beautiful interiors to your jewelry and other valuable belongings; your home is more than just its mere physical property and is a lot more valuable than you imagine it to be.
That’s why, one of the most essential things you could do for the wellbeing and safety of your home is at least get a home insurance that would allow you to stay secured and covered for in the case of uncertain and unfortunate circumstances such as burglaries, floods, fires, and earthquakes amongst other likely, but unforeseen circumstances.
Why do I need Home insurance?
a) Naturally, protecting your home from potential damage or losses is the main benefit of purchasing a home insurance coverage. Your house insurance coverage will cover the costs if, for example, a tree fell on your roof or someone drove into your boundary wall by mistake.
b) First off, if you're taking out a loan to buy or build a house, your lending company or bank will need you to show documentation that the property is properly insured.
c) If a third party is hurt while on your property, a house insurance coverage will shield you from any potential legal liability or third-party liability.
d) The insurance policy helps to decrease the financial load in the event that the house is damaged or destroyed in addition to safeguarding the house itself. If everything goes well, you won't have to pay anything because the insurance will pay for the repairs.
e) The majority of the time, a home insurance policy will also cover your home's contents, including furniture, furnishings, jewels occasionally, and appliances (such as refrigerators, televisions, computers, air conditioners, microwaves, etc.).
f) Say a fire starts while you're gone on vacation. When you return, you discover that your property is no longer livable, and you must make arrangements for alternate temporary housing.
g) The costs of finding alternate housing while your home is being restored will probably be covered if you have home insurance.
h) Home insurance coverage also protect you from any loss or damage that may result from theft or robbery.
i) In addition to the aforementioned benefits, having home insurance gives you piece of mind, which is priceless. You may be sure that your insurance coverage will protect you from any financial losses if damage or destruction were to occur suddenly.
What Is Covered Under Home Insurance Plan?
Fire: Fires are dreadful and can lead to plenty of damage and losses to both your home and your belongings. Our home insurance policy will be there for you in such unfortunate situations!
Explosion & Aircraft Damage: Damages and losses caused by explosions or even aircraft damage will be covered in our house insurance.
Storms: Covers your house and your belongings from dire storms that could lead to potential damages and losses.
Floods: Protects your house from losses and damages when the rains are out of control, leading to floods that impact your home and your belongings
Burglaries: Unfortunately, burglaries are so common in India, especially in residential premises! However, your house insurance will help protect both your home and its contents from any losses that occur due to the same
Earthquakes: Nobody can avoid nature’s furies but, what you can do is ensure you’re covered for any potential losses that could come your way due to the same. A house insurance also covers for damages and losses that occur due to earthquakes.
b) Cancer Insurance
Why do I need additional cancer insurance cover?
Cancer Runs in the Family : If cancer of any kind runs in your family, you have the risk of contracting it as well. In this situation, getting a cancer insurance coverage can help you be ready.
Increasing expense of cancer care : Critical illnesses like cancer are becoming increasingly expensive to treat. These two expenses, together with the ongoing care patients need after treatment, can quickly empty your finances. Investing in cancer insurance might be a cost- effective strategy to protect your savings.
Your savings or financial reserves are insufficient : If you don't have enough savings, getting cancer insurance may be very crucial. Without adequate financial support, a serious disease like cancer can lead to extreme financial strain that is difficult to manage.
The coverage provided by your standard health insurance policy is insufficient : You can get an additional cancer insurance plan for better financial security if your usual health insurance plan does not give a critical disease cover or if it offers a low sum assured.
You are the sole member who makes money: : Cancer insurance is often essential for families with the only earners. Cancer can make it difficult for you to work. In this situation, the insurance money can assist your loved ones in paying for your care.
c) Shop Insurance
What is Shop Insurance?
Why is Shop Insurance Required?
Who Needs a Shopkeepers Insurance Policy?
Family : owned businesses You should obtain a shopkeeper's insurance coverage if you manage or operate a store that is owned by you or your family and sells goods like apparel, footwear, furniture, stationery, etc.
Business Owners with Stores in High-Traffic Areas : If you have a store in one of the city's busiest markets or prime locations, you need insurance to safeguard your business. This is significant since high-end places are riskier than other areas.
High-Risk Businesses : Some stores or companies are more vulnerable to risks or dangers. A CNG fuel station, for instance, is more prone to fire than a stationery store. Similar to how a shoe store is less likely to be robbed than an electronics store. Therefore, having a shopkeeper insurance plan is essential for those who manage high-risk enterprises in order to be protected in case of emergency
Owners of numerous stores : Shop insurance plans are available for both single-store and multi-store owners. The likelihood of experiencing an emergency rises as there are more stores. So, business owners of many stores should be sure to get a coverage for each of their stores.
Key Features & Benefits of Shop Insurance
Property Protection : Shop insurance provides coverage for any loss or damage to the insured property resulting from riots, earthquakes, explosions, natural disasters, and fire. Along with the store, it also includes the items. Additionally, damage brought on by break-ins and burglaries is also covered. Equipment breakdowns including mechanical, electrical, and electronic components are also covered
Liability Coverage : Some insurance included in this plan may provide coverage for legal obligations to third parties. Third-party property damage and personal injuries are also covered. Some Shop insurance plans also include provisions for worker compensation in accordance with Act 1923 and the Fatal Accident Act 1855.
Money Protection : The ability to protect one's money is yet another significant benefit of having shop insurance. The insured shopkeeper can have peace of mind if the insured's money is lost during transportation from the shop's premises to the bank or vice versa due to robbery, theft, or another unanticipated incident. This is so because the policy covers both money kept in a safe and money kept on the counter.
Cost-Effective Plans : The majority of Shop insurance plans are economical and offer thorough protection at a reasonable charge.
d) Personal Accident Insurance
What are the Benefits of Personal Accident Insurance?
Accidental Death Cover : For the family members who are financially and emotionally dependent, an accident can be devastating. The nominee named in the policy document receives the whole sum promised in the event of fatal injuries.
Permanent/Total Disability Cover : A defined sum insured amount is paid to the policyholder if an accident results in permanent impairments or lifelong total impairment, such as loss of both limbs.
Permanent Partial Disability Cover : If physical harm results in a permanent partial disability, the insured receives a portion (up to 100%) of the benefit.
Temporary Total Disability : If the insured suffers from temporary total disability and becomes bedridden, the insurer will pay a weekly allowance to make up for the income that was lost. If there is a loss of income, the insured may also use this claim amount to pay the EMIs.
Additional Benefits
Hospital Daily Financial : In the event of an unintentional hospitalization, the covered person is given a daily cash allowance. Coverage is only available for a specific number of days (as specified in the policy terms and conditions).
Ambulance Expenses : Payment is made for the cost of an ambulance to take the covered person to the hospital after an accident.
Transportation or Repatriation of Mortal Remains : In the event of the policyholder's untimely passing, the nominee would be reimbursed for costs associated with the repatriation and transportation of the policyholder's mortal remains from the scene of the accident to a hospital, residence, or crematory. Additionally, reimbursement is given for the costs related to the religious rites associated with cremation.
Broken Bones : The coverage provides for a predetermined payment in the event that a bone is broken or otherwise damaged.
Burns : Accidental burn injuries are also covered by compensation
Family Transportation Allowance : This benefit is available when the insured's home is far from the hospital. In such cases, the actual transportation costs incurred by the insured person's close family members are also reimbursed. The sum mentioned in the policy will be deducted from the total refund due
Education Advantage : Up to a certain amount is covered in the event of the policyholder's untimely death for the dependent child's educational expenses
Loan Protector : A lump sum payment (defined in the policy schedule) is made in the event of an untimely death or permanent disability.
Adaptation Allowance, commonly referred to as the Home Alteration and Vehicle Modification Benefit, may be provided by some insurance. If a tragic occurrence results in total or permanent disability or dismemberment, the cost of modifying one's home or vehicle is also covered.
e) Group Health Insurance
What is Group Health Insurance?
What is covered in Group Health Insurance?
Pre & post hospitalization
Pre-existing disease
Maternity expenses
Baby day one
Pre-post-natal expense
In-patient department expenses
Ambulance charges
Day care expenses
Advantages of Group health insurance
No physical health checkup
Covers people regardless of their age
Customized health care
Boosts employee morale
Affordable than buying an individual health insurance policy
Family is covered in the given sum insured
f) Workmen’s Compensation Insurance
What is Workmen’s Compensation?
Who should buy Workmen’s Compensation Insurance?
Benefits of Workmen’s Compensation Policy
Terrorism Coverage
Hassle-free and convenient buying journey in few clicks
Comprehensive and flexible
Swift response and efficient service in handling claims
g) Marine Insurance
What is Marine Insurance?
Who needs Marine Insurance?
Why should you buy Marine Insurance?
What is covered in Marine Insurance?
h) Fire Insurance
What is Fire Insurance?
Who needs Fire Insurance?
An organisation/firm/institution/individual who wishes to save their business from an unforeseen event in case of fire
Shopkeepers, retailers or warehouse/storage keepers
Anyone with household contents like furniture, valuable contents and so on
Banks, financial, research, educational institutes, and so on
Manufacturing and non-manufacturing firms
What is covered in Fire Insurance?
Fire, including those induced by spontaneous combustion, natural heating, or self-fermentation. Explosion or Implosion: This coverage covers losses brought on by explosion and implosion. When the pressure inside a vessel equals or exceeds the air pressure outside, it may erupt. In contrast, an implosion happens when the internal pressure exceeds the external pressure.
Lightning - The fire insurance policy will cover any damage to the property, including lightning- related damage.
A volcanic eruption, an earthquake, or another natural disaster
Storms, cyclones, typhoons, tempests, hurricanes, tornadoes, tsunamis, floods, and inundations are all covered by fire insurance.
Acts of terrorism are defined as any act or sequence of acts that involve the use of force, violence, or threats of such Behaviour
Water tanks, equipment, and pipes bursting or overflowing: This insurance also covers loss and damage brought on by water to a property as a result of water tanks, equipment, or pipes bursting or overflowing.
Leakage from automatic sprinkler installations
Theft that occurs within 7 (seven) days of any of the above-mentioned Insured Events and is directly related to them.
Do check out our other pages giving more information on Health Insurance, Life Insurance, Travel Insurance, and Mutual Funds.
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- Home Insurance
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- Marine Insurance
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