September 08, 2016

To lead a hassle-free life, one needs to master risk management. A person can be successful today, but if he is not prudent enough to handle and mitigate risks, then his success could be short-lived.
Be it in one’s professional or personal life, having a complete personal insurance backup is one of the important things that any financial expert would recommend to mitigate any financial risks. While professional insurance solutions are important for businesses and corporate, personal insurance solutions are necessary for everyone.
Some of the helpful insurance products covered by personal insurance solutions are:

1. Motor Insurance
From natural calamities to man-made accidents, your vehicles may undergo a lot of risks on a daily basis. With Motor insurance policies, you can get coverage for loss of or damage to your vehicleagainst the various perils (cause of loss) risks like accidents, thefts, fire, floods, riots, earthquakes, strikes, etc.
The two common types of vehicle insurances are:
Car Insurance:
Private car comprehensive insurance provides coverage for any loss or damage to your insured car due to the following causes.
Natural calamities:
 Fire
 Lightning
 Earthquake
 Flood
 Typhoon
 Hurricane
 Storm
 Cyclone
 Landslide
 Rockslide

Man made:
 Burglary
 Theft
 Riot Strike
 Malicious act
 Accident by external means

Add on covers available under Private car Insurance:
 Nil Depreciation (Depreciation amount will not be deducted during claim)
 Consumables (Consumables like nuts, bolts,grease…etcamount will not be deducted during claim)
 Return to Invoice (Life Tax Amount will also be paid during a Total Loss Claim)
 NCB Protection ( No Claim Bonus will be allowed during the renewal even if claim is made)
 Engine Protector -Hydro static lock loss (Covers loss arising due to Flood / Inundated water entering the Engine )
 Gear box protector
 Tyre cover
 Spare car/ Daily Allowance/ Inconvenience allowance
 Key replacement
 Loss of Personal Belongings / Baggage
 Emergency transport and hotel expenses / Hospital Cash cover
 Ambulance charge cover
 24×7 spot assistance

If you take a car insurance policy, it also provides personal accident cover of up to Rs. 200,000. When the damage happens while traveling in and mounting or dismounting from the car, this insurance sum is provided for an individual owner-driver of the Insured’s vehicle.

Two Wheeler Insurance:
If you own a two wheeler, buying a two wheeler comprehensive insurance policy is important. This coverage will keep you and your vehicle secure against various damages that are caused by any of the natural and man-made calamities.
One can also choose to ride worry free and opt to buy/Renew Long term Policies for either 2 or 3 years continuously and save about 30%
What’s not covered?
 Normal wear and tear
 Depreciation(Unless opted as an add on cover by paying extra premium)
 Mechanical and electrical breakdown
 Aging of the vehicle
 Tire damage
 Damage caused when driven without a valid license or under the influence of drugs or liquor…etc
An additional form of vehicle insurance is Motor Third Party Insurance, which is obligatory as per the Motor Vehicles Act. This insurance protects the insured person and vehicle against financial losses that may arise out of a third party injury, death, or property damage.

2. Travel Insurance
A travel insurance policy covers the policy holder’s medical expenses that may have occurred due to some adverse incidents during his international travel.
What’s covered?
Coverage ofAccident & Sickness Medical Expenses:
 Accident & Sickness Medical Expenses: Travel Guard takes care of your medical expenses due to accident and sickness while traveling so that you can concentrate on better things like enjoying the holiday.
 Checked Baggage Loss: The maximum amount to be reimbursed per bag is 50%, and the maximum value per article contained in any bag is 10%, of the amount stated in the Policy Schedule.
 Baggage delay:Compensation for reasonable expenses incurred for purchase of emergency personal effects due to delay in arrival of checked in baggage, whilst overseas.
 Loss of Passport: Compensation for expenses incurred in obtaining a duplicate or new passport.
 Personal Liability: Compensation for damages to be paid to a third party, resulting from death, bodily injury or damage to property; caused involuntarily by the insured.
 Hijacking: In an unfortunate event of your common carrier in which you are traveling; being hijacked, this product will pay a distress allowance to you.
 Flight Delay:Reimbursement of additional expenses occurred due to trip delay (only if the trip has been delayed for more than 12 hours).
 Automatic-extension of the policy: Travel Guard allows you to extend your policy upto a period of 7 days from the policy expiry date.
 Accidental Death And Dismemberment: Travel Guard gives you worldwide coverage against Accidental Death and Dismemberment while you’re abroad anywhere in the world.
 Sickness Dental Expense: The policy pays for immediate Dental Treatment occurring due to sudden acute pain during the course of an overseas Insured Journey. Dental benefits will be provided for Medically Necessary filling of the tooth or surgical treatment, services, or supplies.

What’s majorly not covered?
• You are not covered if any expenses incurred directly or indirectly in respect of:
• Traveling against the advice of the physician; for obtaining treatment;
• Pre-existing ailments & complications arising out of them;
• Suicide or attempted suicide; war; terrorism; illegal acts; dangerous sports etc.
• For list of complete detailed exclusions, please refer policy wordings.

3. Health Insurance
A health insurance is vital for any individual because it takes care of most of the hospitalization expenses. From sudden illnesses to accidents, any medical expenses incurred during the insured period are covered by health insurance companies
The different types of mediclaim insurances available are:
• Individual Plans
• Family Floater Plans
• Senior Citizen Plans
• Critical Illness
• Top Up
What’s covered?
 Any hospitalization expense (Accidental and Natural)

What’s not covered?
 Pre-existing health conditions are mostly not provided for before four continuous renewals
 Any accidental hospitalization costs within the first 30 days
 Maternity expenses are not covered by some of the policies

4. Personal Accident Insurance
With a personal accident insurance, you can protect yourself against contingencies. This insurance will pay financial compensation for insured’s death or his permanent disability due to an accident.
What’s covered?
Death or permanent disability due to accident
What’s not covered?
 Intentional self-injury
 Suicide
 Attempt to suicide
 Death or disablement due to pregnancy
 Accident under the influence of alcohol or drugs

5. Mobile Insurance
To protect your mobile phones from loss, damage, or theft, you can take a mobile insurance. This insurance provides cover against
 Fire
 Malicious damages during strikes or riots
 Theft
 Accidental external means
What’s not covered?
 Theft, loss, or damage when the phone is lent to a third party
 Mechanical or electronic breakdown
 Usage in any abnormal conditions
 Damage by wear and tear
 Damage due to climatic conditions
 Intentional damage caused

6. Pure Term Insurance (Life Insurance which covers only Risk)
By availing term insurance, one can be assured of the financial stability to his family in case of his/herAccidental & Natural death during the term of the policy.
There are two types of term insurances, namely:
 With Return of Premium – On the death of the insured, the sum insured will be paid to the nominee. For survivors, the paid premiums are refunded to the insurers at the end of the term.
 Without Return of Premium – On the death of the insured, the sum insured will be paid to the nominee.
Nowadays, buying an insurance policy is easy and straightforward. With more and more people preferring to buy insurance policies online, IRDA Licensed Insurance Broker’s Websites like Policy99.com will help you choose the best insurance policies in a highly simplified approach.
The above mentioned details are only indicative in nature. Please read the complete Terms & conditions/ Policy wordings, Warranties before buying any policy.