TRAVEL INSURANCE
Why You Need It
Traveling has become an essential aspect of modern society, whether it’s for business or leisure. However, it’s crucial to acknowledge that various unforeseen events can disrupt your travel plans. These disruptions may include flight cancellations, loss of luggage, or unexpected medical emergencies. Therefore, whether you’re embarking on a vacation or a business trip, having comprehensive travel insurance is a necessity.
Key Features of Travel Insurance
Coverage for Medical Expenses: Travel insurance provides coverage for unexpected medical expenses during your trip. Coverage for Trip Delays: It covers expenses related to delays in your travel plans. Coverage for Loss of Passport and Luggage: Travel insurance safeguards you against the loss of important documents like passports and luggage. Coverage for Personal Possessions: It also provides coverage for unforeseen contingencies related to personal possessions.
MOTOR INSURANCE
What Is It?
Motor insurance is a mandatory policy for vehicle owners according to the Indian Motor Vehicles Act of 1988. This insurance is designed to protect you from financial losses in case your vehicle is stolen or damaged. The premium for motor insurance depends on the Insured Declared Value (IDV) of your car, with higher IDV resulting in higher premiums.
Why Is Motor Insurance Necessary?
Motor insurance is compulsory for all vehicles that operate on the road, including cars and trucks. The primary purpose of this insurance is to provide complete coverage for physical damage or loss resulting from both natural and man-made disasters. In accordance with the Indian Motor Act of 1988, owning motor insurance is not just a choice but a legal requirement. Important Points to Remember in Case of an Accident Keep the following documents in your vehicle: A copy of your policy or cover note. Your car’s Registration Copy (RC Book). A copy of your driver’s license.
Initiating the Claim Process
Contact the insurance company’s helpline to find a nearby network garage. If you visit a non- networked garage, the bills will be settled after assessing the damages. The insurer may request an FIR (First Information Report) based on the claim estimation.
GROUP INSURANCE: BENEFITS OF GROUP MEDICLAIM AND GROUP PERSONAL ACCIDENT
Group Mediclaim
Usually offered by employers to their employees and their families.
Operates on a Family Floater basis with varying sums insured based on job roles. Requires a minimum 24-hour hospitalization for claims, covering all hospital expenses. No sub-limits or co-payments on claim settlements. Pre and post-hospitalization expenses covered. No waiting periods for claims, even for pre-existing diseases. Maternity benefits for normal and C-section deliveries, covering pre and post-natal expenses. Daycare procedures are covered. New employees, spouses, and children can be added within 45 days of joining, marriage, or birth. Group Personal Accident: Tailor-made policy with flexible benefits. Coverage for accidental death at 100% of the sum insured. Permanent total disablement at 125% of the sum insured. Permanent partial disablement based on a specified table of benefits. Temporary total disablement with weekly compensation, up to 100 weeks. Education benefit for children. Coverage for accidental hospitalization without sub-limits and room rent restrictions. Ambulance charges covered up to a specified limit. Cashless card for accidental hospitalization.