Travel insurance Simplified

Just because travel can pose a few risks, we do not stop travelling. Instead, we identify and assess possible risks and manage them suitably. When travelling overseas whether for business or pleasure or both, make sure that you buy travel insurance to cover your risks. Make your business trips or vacations safe and memorable by buying travel insurance before commencement of travel.

Why Buy Travel Insurance

Travel Insurance offers insurance protection while you travel. Travel Insurance may be called by different names by insurance companies. It is important for you to check and understand whether the policy covers domestic travel or overseas travel or both. Travel Insurance protects you and/or family against travel related accidents, unexpected medical expenditure during travel, losses such as baggage loss, loss of passport etc and interruption or delays in flights or delayed arrival of baggage etc.

What Travel Insurance to Buy

The Scope of Cover and Benefits offered by different insurance companies would vary. You must shop around to ensure that you purchase the best travel insurance policy that you need. The following are covers that are generally provided under Travel Insurance- though the combination may vary. The list, however, is not exhaustive.

• Medical Expenses with or without cashless facility (most travel insurance products offer cashless facility)
• Personal Accident
• Loss of Baggage
• Delay in Baggage arrival
• Loss of Passport
• Travel Delay
• Repatriation
• Transportation of dead body etc.

The Sum Insured offered may vary and so would the premium rates, which would depend on the country in question, apart from other factors such as Age, Period Of Travel etc.

You must go through the exclusion clauses very thoroughly. Ask your insurer and/or agent or broker for clarifications wherever you have a doubt. In general, the following are not covered in an International travel insurance policy:

• Pre-existing diseases
• War Risks
• Suicide and Insanity
• Hazardous Sports

There could be some exclusions relating to personal effects.

It is also very important for you to understand what to do in case a claim situation arises abroad. Generally, international travel insurance policies provide hotline numbers where intimation of claim/s should be given. You must also notify the concerned authorities involved e,g, local police, embassy, transportation company etc, as applicable. The insurer should also be notified. Normally, every International travel insurance policy docket will also contain a claim form as you will be away in a distant place and may not be in a position to obtain a claim form immediately.

Term Insurance

Term insurance, a type of life insurance, provides coverage for a certain period of time or years. If the insured dies over the policy tenure a death benefit (or sum assured) is paid out. No payout is made if the insured survives the tenure.

The purpose of taking life insurance is to provide life cover to the policyholder and financial security to his family.

There are two ways the individual can take life insurance:

1. By opting for a pure life cover, also known as term insurance
2. By taking life cover with a savings component built-in,also called endowment insurance

Why term insurance is better

Term plans provide pure life cover. This means there is no savings / profits component. They are basic plans which make life insurance more affordable vis-à-vis other options. It is possible for the policyholder to opt for a larger life cover at a lower premium when compared to a similar endowment plan.

Some of the key features that make term plans indispensable include

1. Larger life cover

   Since term life insurance plans are more affordable it is possible for an individual to opt for a higher life cover for the same premium as an endowment plan. For e.g. a 30-year old can get a term plan with a cover of Rs 1 crore for a 30-year term by paying a premium .

   The Rs 1 crore endowment plan will most likely out of bounds for most 30-year olds. However, taking a term plan for a similar cover is relatively more feasible.

2. Riders

   The policyholder can attach riders to the term plan, thereby enhancing the utility of the policy. So by opting for a critical illness rider or a critical illness plan, for instance, he is entitled to receive the sum assured on being diagnosed with the critical illness. This is in addition to the death benefit of an equal amount on death over the term of the policy. There are other riders to choose from like – loss of employment cover,disability cover, waiver of premium cover, among others. The policyholder should select riders based on his specific needs to make the life cover more suitable and meaningful.

3. Enhanced cover

   Certain insurance companies offer the flexibility to enhance the life cover during critical stages of the policyholder’s life. For instance, the policyholdermay be permitted to enhance life cover by 50% at the time of marriage and by 25% at the time of turning a parent. This makes it possible for him to start with a modest cover and then enhanceit as responsibilities increase as also the ability to pay higher premium.

4. Innovative features

   While insurance companies have been quick to innovate in general, they have been most innovative with regards term plans. For instance, companies have been quick and proactive in cutting premium rates even offering extra discounts to certain categories like non-smokers, for instance. Buying term plans is now quite convenient thanks to the internet. It is possible for a healthy individual, as defined by the insurer, to buy a term plan over the internet without taking a medical test.

What can be insured?

• Dwellings Offices Shops Hospitals(Located outside the compounds of industrial/manufacturing risks)
• Industrial / Manufacturing Risks
• Utilities located outside industrial/manu
facturing risks
• Machinery and Accessories
• Storage Risks outside the compound of industrial risks
• Tank farms / Gas holders located outside the compound of industrial risks

Engineering Insurance

The rapid industrialization of our country has led to increasing use of machines in industry. Though use of machinery results in increased production capacities, in the event of accident and breakdowns, they can be potential sources of financial loss and could even result in the closure of business. In spite of proper care and maintenance of machinery, mishap may yet occur. Sometimes the extent of damage may be quite high and may also lead to fatal or non‐fatal injuries to human beings nearby. The remedy for such losses is offered by Engineering Insurance policies.

Contractor's All Risk Insurance Policy

Contractor's All Risk Insurance offers comprehensive and adequate protection against loss or damage in respect of contract works, construction plant and equipment and/ or construction machinery, as well as third party claims in respect of property damage or bodily injury arising in connection with the execution of a civil engineering project. This policy is extremely useful for consulting engineers, architects and financiers because it contributes to reducing the overall construction expenses and at the same time offers efficient financial protection for all parties concerned.

Erection All Risk Insurance (EAR) Policy

The Erection All Risks policy is a comprehensive insurance, which provides complete protection against all types of risks associated with erection, testing, commissioning of machinery, plant and equipment during constructional stage.

Erection All Risks Insurance embraces a wide variety of plant and machinery at all levels of complexity, ranging from the relatively straight forward positioning and connecting up of single manufactured items of equipment such as small pumps or electric motors to complete major industrial complex such as a large power station or manufacturing facility.

Electronic equipment insurance (EEI) Policy

The economic activity is truly depending on mechanised setup and yes it is only the multi-various level equipment that forced us to compete achievement on business needs by automation.

With the advent of electronic era in India, almost all industries rely on electronic aids. It is obvious that such electronic equipment are high cost and more costly enough to warrant a comprehensive policy to cover the perils.

Machinery Insurance

Machinery Breakdown Insurance offers you financial protection in case your machine suffers accidental, electrical and m breakdown requiring repairs and/or replacement. Machinery Breakdown Insurance covers all types of Industrial equipment like Turbines, Compressors, Generators, Transformers, Rectifiers, Electric Motors, Diesel Engines, Pumps, Wind Mills, etc.

Miscellaneous Insurance

Credit insurance

Credit Insurance protects companies against customer defaults. It covers the sales of the companies to its buyers on credit against the risk of loss due to the insolvency of their customers.

Scope of Cover-

• Protracted Default or Delayed Payment by the debtors.
• Insolvency

Not covered:

• Trade disputes.
• Non-Acceptance of goods.

Political Risks -
Scope of Cover-

• Natural disasters like earthquakes, cyclones, floods, etc.
• Import license cancellation.
• Protracted Default on State-Owned Entities.
• Any measure was taken by the country where the buyer is located, preventing payment of a transaction.

Exclusion

• Trade Disputes
• Currency fluctuation risk
• Receivable arising from financial services or consultancy service
• Issuance to policies to banks/factors/lenders
• Reverse Factoring Policies
• Sales on Letter of Credit or Bank Guarantees or on any other protection from a third party
• Other than through the insurance policy

Shopkeepers Insurance

Shopkeeper Insurance Policy covers all the probable risks and perils faced by small to medium sized shop owners. It provides protection for the property and the interests of the Insured in the business venture.

Burglary Insurance Policy

Any individual whose property is exposed to risk of burglary; one who is liable for goods in trust/commission; one who is liable to make good damage to premises. Movable property like stock, stock –in –trade, plant & machinery can be covered. These are covered so long as they are reasonably protected.

Money Insurance

Indemnifies the insured against loss of money in transit by the insured or insured’s authorized employees occasioned by Robbery, Theft or any other fortuitous cause. “Money" carried by authorized messengers of the insured while in transit from the time it is taken out till received at the destination--points of origin and destination being specified before-hand. Undisbursed money retained in a burglar-resistant and safe against burglary-risks. Cash carried by insured /proprietor/partner/director and also one firm carrying the cash of another firm in the same premises is also insurable. Cash retained overnight by the employees in their residences in locked steel cupboard when on collection duty up to 48 hours from the time of collection.

Fidelity guarantee

Financial loss sustained by the Insured due to any act of fraud or dishonesty of the employee in connection with his employment/occupation and his duties.

Jewellers Block Policy

This policy had been specially devised for diamontaires, i.e those establishment dealing solely in diamonds. This is obvious from the fact that specific mention has been made of brokers, cutters, sorters etc. and also dispatch by registered post and angadia .

Office Package Policy

Office Package Policy which is designed specifically for office establishments including IT & ITES Sector. The innovative endeavor brings to you the flexibility to design the policy as per your needs by allowing you to choose the covers that you may require to protect your property and manpower, all with the convenience of a single policy.

Event Insurance Policy

Whatever ventures you may undertake in entertainment industry, be it Religious gatherings, Music Concerts or Awards Function, all your elaborate preparations and effort could be ruined if some unforeseen things happen. You can't possibly anticipate everything that may go wrong, but you can surely and comprehensively protect yourself from loss by opting for this customized insurance cover.

Scope of Cover
Section I – Cancellation of Event
Section II- Material damage
Section III- Personal Accident
Section IV- Public Liability

Liability Insurance

Credit insurance

Most of the managerial & professional liabilities that may affect any organization can be indemnified by Insurance. With people having background from various sectors coupled with extensive knowledge about operations, exposures and appropriate risk management techniques.

Directors & Officers Liability policy

The Policy protects directors, officers or the Company against legal claims for wrongful acts performed by directors or officers in performing their corporate duties. Wrongful acts include omissions, errors, misstatements, misleading statements, neglect or breach of duty.

Directors and officers can be personally sued by shareholders for insider trading, by creditors for misrepresenting the financial health of the company and competitors for unfair trade practices. Thus, this policy protects Directors & Officers for claims brought against for wrongful acts in performance of their duties.

Errors & Omission Insurance policy

Errors and omission policies are issued to a host of professionals ranging from quality certifying agencies to soft wear developers , advertising agencies , stock brokers and the whole gamut of new age professionals . Specific policy terms and coverages provided for computer services and software developers professionals.

All sums which the insured becomes legally liable to pay as damages to third party in respect of Errors and/or Omissions on the part of the Insured whilst rendering professional services, arising out of claims first made in writing against the insured during the policy period, including legal costs and expenses incurred with the prior consent of insurer, subject to the limits of indemnity.

Professional Indemnity policy

The Policy will indemnify the Insured in respect of ERRORS and / or OMISSIONS on the part of the Accountants (Chatered Accountants, Financial Accountants, and Management Consultants)/Lawyers (Advocates/Solicitors/Counsels), his named employees, partners while rendering professional services. In normal course all claims for compensation have to be legally established in the court of law
Defense cost, fees and expenses shall be paid by the company subject to the limit of indemnity under the policy.

Public Liability policy

The Public Liability Act 1991 was made effective from 1st April 1991. The object of this Act is to provide through insurance immediate relief to persons affected due to accident while handling hazardous substance by the owners on no fault liability basis. This has also been brought under Tariff. The definition of Owner is so comprehensive as to cover any person who owns or has control over any hazardous substance at the time of accident. This includes any Firm or its partners. Association or its members Company or its Directors and all other persons associated and responsible to that Company in the conduct of their business.

Product Liability

This insurance is intended to provide an indemnity to the insured (up to the limit of liability) in the event of a claim being brought against him. This may be caused by anything harmful or defective in the products sold or supplied by the insured in connection with the business specified. The Company in addition will reimburse all costs and expenses incurred with its written consent defending such a claim for compensation. The insurance will however not cover the cost of removing replacing or repairing defective products or loss of use thereof.

Product Recall policy

Insurance coverage for the cost of getting a defective product back under the control of the manufacturer or merchandiser that would be responsible for possible bodily injury (BI) or property damage (PD) from its continued use or existence.

Commercial General Liability

Commercial General Liability cover offers the option of protection for bodily injury, property damage, advertising injury and personal injury to a third party for which a company is found to be legally liable. The policy can provide a separate advertising/personal injury to a third aggregate limit that is not subject to a general aggregate limit. CGL addresses a wide range of liability loss exposures, falling into two categories
Premises and Operations Liability:
Liability for conditions or activities arising out of the premises or operations of a company.
Products and Completed Operations Liability:
Liability of a company to a user who is harmed by products manufactured, sold or distributed by the company.

Cyber Liability

Today we live in an increasingly connected digital world of Mobile and Internet Banking, Social Media and E-Commerce spending significant amount of our time on the internet. The amount of individual's personal data being generated, transmitted, and stored on to various digital devices is also growing at an exponential rate. The critical nature of this data and the complexity of the systems that support its transmission and use, combined with the possibility of remote and anonymous access, have created a gamut of Cyber Risks such as Identity Theft, Malware Attack, IT Theft Loss, Phishing, E-Mail Spoofing, Cyber Extortion, Cyber Stalking, Media Wrongful Act etc. to which Individuals are exposed to due to Cyber Attacks. Insurance company provides a comprehensive insurance cover to the Individual to pay for losses that could arise if the Cyber Risks are subjected to Cyber Attacks.

Employee benefit INSURANCE

Group term insurance plan

In an organization, such an insurance plan generally means a group term insurance plan that provides complete insurance coverage to each employee. A group term insurance plan secures the financial reserves of the employees and guarantees a secure future for their dependent families even in their absence. In actual practice, many corporate organizations offer group term insurance plans for their employees to safeguard their monetary strengths. Although the employees may have their own individual insurance plans, yet a group term insurance policy is beneficial on the whole and mandatory in places where it is in effect.

Group Mediclaim Policy

The Group Mediclaim Policy will be available to any Group/Association/ Institution/ Corporate Body of more than 50 persons/families provided it has a central administration point. Each insured should cover all eligible members (insured Persons) under one group policy only. In other words different categories of eligible members shall not be allowed to be covered under different group policies. It is not permissible to issue any un-named group policies. b) The group policy will be issued in accordance with IRDA guidelines, in the name of the Group/ Association /Institution / Corporate Body (called insured) with a schedule of names of the members including his/her eligible family members as per the following definition.
Scope of cover
Covers medical expenses incurred during Hospitalization for a minimum period of 24 hours 30 days pre-hospitalization and 60 days post-hospitalization expenses covered.

Key benefits

Group Personal Accident Insurance

Welfare schemes adopted by corporate houses for their employees would be incomplete without employee accident insurance cover. Companies are offering insurance coverage options to employees. It is to ensure that as an employer they are concerned about the safety of people. So, group accident health insurance is one appropriate option to help them acquire healthcare safety.

Accidental bodily injury directly resulting in the Death or disablement to insured person as per the Table of Benefits
Scope of cover
A) Basic Cover—Death only
B) Wider Cover---Death + Permanent Total Disability + Permanent Partial Disability
C) Comprehensive Cover----Death + Permanent Total Disability + Permanent Partial Disability + Temporary Total Disability

Workmen’s Compensation Insurance Policy

Scope of cover
The policy, provides for two forms of insurance.

Table 'A' - Indemnity against legal liability to all employees (whether or not coming within the definition of the term Workmen) under the W.C.Act 1923 and subsequent amendment to the said Act prior to the date of issue of the policy, the Fatal Accidents Act, 1855 and at Common Law.

Table 'B' - Indemnity against legal liability under the Fatal Accidents Act, 1855 and Common Law. (Table 'B' policies may not be issued to cover employees who fall within the definition of "Workmen" under the Workmen's Compensation Act, 1923 as amended).

HEALTH INSURANCE

Health Insurance policy is an insurance cover which shields you against increasing medical costs arising out of hospitalization. It offers financial protection in case of hospitalization due to illness or an accident. Similar to other forms of insurance, Health Insurance policy benefits can be exercised by paying a premium annually. This type of insurance policy comes with a defined policy period and needs to be renewed to continue enjoying the benefits of the policy. Additionally, the premium that you pay is eligible for tax exemption under Section 80D of the Income Tax Act 1961, making it a good investment.

• Individual Health Insurance Policy: Under this type of policy, only the policyholder is covered against major medical expenses arising out of hospitalization.
• Family Floater Policy: The policyholder and other family members such as parents, spouse, and children are covered under this plan.
• Senior Citizen Health Insurance Policy: Under this type of plan, senior citizens are covered for medical expenses with special provisions.
• Critical Illness Health Policy: Medical expenses arising out of critical illnesses are high and the Critical Illness health policy offers to cover illnesses such as cancer, kidney failure, cardiovascular-related illnesses, etc.
• Overseas Mediclaim Policy: Under this type, it allows you to raise claims from hospitalization expenses that were incurred overseas.
• Super top up Health Policy: Super Top-Up health Policy is a suitable health insurance policy for people looking for high sum insured options at reasonable premiums. The policy provides the insured coverage for reasonable, customary, and medically necessary expenses. It comes with a wide range of sum insured options starting from Rs. 3 lakh and going up till Rs. 50 lakh with threshold limit between Rs. 1 lakh and Rs. 10 lakh. The policy offers several benefits to the policyholders.

Car Insurance

Car insurance, a comprehensive package policy which covers Loss or Damage to your car; Liability to third parties and provides personal accident cover to the Owner/Driver.

• Accidental & External Damage
• Fire & Explosion
• Riot & Strike
• Malicious Act
• Burglary, housebreaking/ Theft
• Landslide
• Earthquake
• Storm and Flood
• Terrorism
• Legal protection for death or injury claims from third parties
• Legal protection for damage to third party property.
• Legal costs and Expenses.