Insurance

Health Insurance

Introduction

The one thing that most of us value most is our health. But, today's hectic work schedules and lifestyles make us prone to many illnesses and infections. A health insurance policy is the best way to protect you and your family in times of a health crisis or during hospitalisation. More so, with today's rising healthcare costs. A well-structured policy offers you the advantages of hospitalisation cover, tax benefits, cashless facility, and flexible coverage.

With the confusing array of options available today, finding a comprehensive low cost health insurance is similar to looking for a needle in a hay stack! That's where MoneyRaksha steps in! We familiarize you with health insurance terms and help you understand the options to choose the right coverage for you and your family.

Types of policies

The variety of health insurance plans seems endless today, so where do you begin to make sense of them all? First of all, you must keep in mind that there is no one-size-fits-all health insurance plan. You have to carefully consider your needs and budget before you sign on the dotted line.Ask yourself these questions: is this health insurance plan for your own health care needs? Are you caring for any dependents? Do you have an ailment that requires monthly treatment? What if you require surgery? What if you were injured in an accident? How much preventative care do you want?

Indeed, these are tough questions, but it's never a good idea to bury your head in the sand, especially where your health is concerned. If you can answer these questions, you can find that health care sweet spot, where you get the coverage you need at prices you can afford.

Health insurance

A comprehensive health insurance plan takes care of your personal health and medical cover including hospitalisation expenses and pre- and post-hospitalisation expenses.

The benefits of this policy are:

• Instant individual coverage;
• Minimal documentation;
• No medical examination;
• Income Tax benefits under section 80D of the Income Tax Act.

Coverage features

Most health insurance policies cover the following:

• Medical expenses incurred as an inpatient during hospitalisation for more than 24 hours, including room charges, doctor/ surgeon fees, medicines, diagnostic tests, etc.;
• Medical expenses incurred prior to and post-hospitalisation;
• Some advanced treatments, such as cataract, eye surgery, dialysis, chemotherapy, radiotherapy, coronary angiography, etc , which do not require hospitalisation for more than 24 hours;
• Out-patient covers such as boarding and nursing expenses; expenses related to dental treatment; surgeon, anaesthetist, medical practitioner, and specialist fees; anaesthesia, blood, oxygen, operation theatre charges, surgical consumables, medicines and drugs, diagnostic materials and X-ray, ambulance, etc.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

What is not covered?

The family floater plan does not cover the following:

• Any illness contracted within 30 days of the inception date of the policy, except those that are incurred as a result of an accident;
• Treatment of diseases such as cataract, hernia, piles, arthritis, joint replacement (unless due to an accident), skin and internal tumors and cysts, including breast lumps, dialysis required for chronic renal failure, surgery on tonsils and sinuses, and gastric and duodenal ulcers;
• Non-allopathic treatment;
• Pregnancy and childbirth-related complications;
• Cosmetic, aesthetic, and obesity-related treatment;
• HIV or AIDS and related diseases;
• Injuries arising out of alcohol or substance abuse;
• Intentional self-injury or suicide;
• War, riots, induced treatment.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

Claim process

To claim your health insurance, you need to submit the claim form with documents such as the first prescription from your doctor, the hospital discharge card, the hospital bill giving detailed break up of all expense heads mentioned in the bill, laboratory and diagnostic test reports, etc.

Personal accident insurance

Sometimes, even a small accident can throw your financials out of gear. A personal accident insurance policy insures you against accidents, which may lead to a permanent physical disability or accidental death.

The benefits of this policy are:

• No health check-up;
• Global coverage;
• Easy claim process with minimal documentation;
• Flexible premium payment options.

Coverage features

Most personal accident insurance policies cover the following:

• Accidental death;
• Permanent disability;
• Temporary total disablement;
• Broken bones due to an accident;
• Benefit towards funeral costs in case of accidental death.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

What is not covered?

The personal accident insurance plan does not cover instances where the death, injury, or disablement of the insured person is caused by:

• An intentional self-inflicted injury, suicide, or the direct consequence of an attempted suicide;
• Alcohol or any other substance abuse;
• Sports related activities;
• Venereal diseases, AIDS, or insanity;
• Criminal activity;
• War, enemy hostilities, rebellion, revolution, mutiny, coup, capture, arrests, restraints, and detainment of all kinds;
• Childbirth or pregnancy.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

Claim process

To claim your personal accident insurance, you need to fill in the relevant claim form and attach documents such as the police panchanama, FIR, post-mortem report, disability certificate from the treating doctor, death certificate, etc.

Hospital cash policy

Hospitalisation can occur due to illness or an accident. This policy provides you with a daily cash benefit for each 24-hour period spent in the hospital. The policy covers are expenses incurred on conveyance by family members to and from the hospital, special diet expenses, expenses incurred by the family member staying with patient, etc.

The benefits of this policy:

• No medical examination required;
• Hospitalisation cash up to 180 days;
• Premium paid is eligible for tax exemption under Sec 80D of the Income Tax Act;
• Guaranteed issuance;
• No limitation on hospitals.

Coverage features

The hospital cash policy covers:

• Hospitalisation expenses due to sickness;
• Incidental expenses while in hospital due to accidents;
• Reimbursement of day-to-day medical bills due to accidental injuries

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

What is not covered?

The hospital cash policy does not cover the following:

• Any pre-existing condition or any complication arising from it;
• Suicide, AIDS, military service or operation;
• Injury caused under the influence of drugs or alcohol;
• Dangerous sports;
• Pregnancy and resulting childbirth, miscarriage or disease of the female organs of reproduction;
• Cosmetic or plastic surgery;
• Routine examinations, laboratory diagnostic, or X-ray examinations where there is no objective indications or impairment in normal health, except in the course of a disability established by a physician;
• Dental care except as a result of injury caused by accident;
• The diagnosis and treatment of acne;
• Any expenses incurred outside India.

Critical care coverage

Despite our age and diligent health and fitness regime, critical illnesses can affect anyone, anytime, and command expensive and specialised medical services. During these times, critical care coverage can help bring you back to good health, without causing a strain on your finances

The benefits of this policy:

• No health check-up required for policy issuance;
• Payment is done immediately after the first diagnosis of the covered illnesses;
• Covers the expenses of emergency hospitalisation also;
• Covers expenses like donor expenses in a transplant surgery, which are not covered under normal health insurance policy;
• Global coverage.

Coverage features

Most critical care policies cover the following illnesses:

• Cancer
• Coronary artery bypass surgery
• First heart attack
• Kidney failure
• Multiple sclerosis
• Stroke
• Paralysis
• Major organ transplant
• Major burns
• Coma

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

What is not covered?

The critical care policy does not cover the following:

• Any critical illness, which was manifested or contracted before or for which care, treatment, or advice was recommended before;
• Any critical illness diagnosed within the first 90 days of the policy;
• Death within 30 days following the diagnosis of the critical illness;
• HIV/AIDS infection
• Pregnancy or childbirth, including caesarean section or birth defects;
• War, invasion, terrorism, rebellion, or revolution;

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

Claim process

To claim your critical care insurance, you need to submit documents such as the first consultation report, supporting documents to prove diagnosis, discharge summary mentioning the diagnosis, date and time of admission and discharge, past medical and surgical history, etc., along with the relevant claim form.

Family floater

A family floater policy secures your family against financial emergencies during sudden illness, surgery, or accidents. This policy lets you share the entire sum insured among your family members covered under the policy.

For example, your family of four is covered under a traditional health insurance plan, with individual policies of Rs 1 lakh for each member. In case your son is ill, and the surgery and hospitalisation charges amount to Rs 2 lakh, then the existing policy covers only Rs 1 lakh, while you have to bear the balance amount of Rs 1 lakh. But, with a family floater insurance plan, each member of the family can utilise the entire insured sum of Rs 4 lakh, which means that your son's entire medical expenses would be covered.

The benefits of this policy:

• Cheaper than other policies;
• No health-check-up;
• Access to cashless facility at recognised hospitals;
• Income tax benefit on the premium paid as per section 80-D of the Income Tax Act;
• Minimal documentation.

Coverage features

The family floater policy covers:

• Medical expenses incurred as an inpatient during hospitalisation for more than 24 hours, including room charges, doctor/ surgeon's fee, medicines bills, etc.;
• Pre- and post- hospitalisation expenses;
• Day care expenses incurred on specific advanced surgeries and procedures requiring less than 24 hours of hospitalisation (including dialysis, radiotherapy, and chemotherapy)

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

What is not covered?

The family floater plan does not cover the following:

• Any illness contracted within 30 days of the inception date of the policy, except those that are incurred as a result of an accident;
• Treatment of diseases such as cataract, hernia, piles, arthritis, joint replacement (unless due to an accident), skin and internal tumors and cysts, including breast lumps, dialysis required for chronic renal failure, surgery on tonsils and sinuses, and gastric and duodenal ulcers;
• Non-allopathic treatment;
• Pregnancy and childbirth-related complications;
• Cosmetic, aesthetic, and obesity-related treatment;
• HIV or AIDS and related diseases;
• Injuries arising out of alcohol or substance abuse;
• Intentional self-injury or suicide;
• War, riots, induced treatment.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

Claim process

To claim your family floater insurance, you need to submit the claim form with documents such as the first prescription from your doctor, the hospital discharge card, the hospital bill giving detailed break up of all expense heads mentioned in the bill, laboratory and diagnostic test reports, etc.

Cashless policy

The cashless health insurance policy spares you the travails of bill-processing and payment at the time of discharge from the hospital, as the settlement is done directly by your insurance company. However, you must get approval from your insurance company, before admission in the hospital (not applicable in case of emergencies).

The claims maybe of two types:

• Planned claims, where you are aware of the hospitalization, 2-3 days in advance;
• Emergency claims, where you or your covered family member meets with a sudden accident or has an illness that requires immediate hospitalization.

Health insurance FAQs

Home Insurance

Introduction

There's no place like home. Not only a large chunk of your savings has been invested in it, but a lot of care and love have gone into it making it a home. It's only fair that you want to secure your most valuable asset from any possible disaster — natural or man-made. Luckily, there are a variety of home insurance plans, which protect your home as well as cover your personal property such as your furniture, electronic equipment, jewellery, etc.

At MoneyRaksha, we help you sort out home insurance premiums and coverage features, so that you get a deal that best suits your needs and brings you peace of mind.

Types of home insurance

There are two types of home insurance solutions:

Property insurance

Also known as building insurance, this type of insurance covers the building structure of your home, against losses in case your building is damaged or destroyed due to a natural or man-made calamity. The insurance may also cover expenditure to rebuild your home in the event of it being totally destroyed or damaged to the point that complete rebuilding is necessary, like in the eventuality of an earthquake or a fire.

While different insurance companies have different specifications for policy coverage, it would generally include:

• Fire, lightning, or explosion of gas in domestic appliances;
• Bursting and overflowing of water tanks, apparatus, or pipes;
• Riot, strike, or terrorist or malicious acts;
• Flood, inundation, storm, hurricane, or cyclone;
• Damage due to earthquake or landslide;
• Damage caused by aircraft and impact damage.

Home insurance cover

Also known as content insurance, this insurance covers the contents of your home, including your precious jewellery, electronics, furniture and fixtures, and anything you'd like to insure against electrical and mechanical breakdown, theft, fire, or a natural disaster.

Just like property insurance, different companies have different policies for content insurance.

Content insurance covers:

• Fires;
• Storms/flooding;
• Explosions;
• Theft and vandalism;
• Valuables such as jewellery, cameras, and watches;
• All kinds of accidental breakage of plate glass fixed in doors and window frames;
• Loss/damage to domestic appliances due to electrical and mechanical breakdown.

What is not covered?

Both, property and home insurance policies do not cover the following:

• Willful destruction of property;
• Loss, damage, and destruction caused by war, wear and tear, etc.;
• Losses if your home has been unoccupied for more than 30 days, without prior notice to the company;
• Cash, bullion, painting, works of art, and antiques.

Claim process

In the event of a burglary, theft, or fire, you need to register your claim with your insurance company, along with details of your policy. Most companies have a 24-hour helpline and call centre to speed up the claim process.

On receipt of your claim request, a company-appointed surveyor inspects the site and submits a report. In case a surveyor is not appointed, you must submit the relevant documents, which may include some of the following, depending on the nature of the event and the extent of loss:

• First Information Report (FIR) from the police in case of burglary;
• Fire brigade report in case of fire;
• Seismological report in case of earthquake;
• Meteorological department's report in case of flood;
• Estimate of the repairs.

The MoneyRaksha touch

When you invest in a home insurance, here are a few tips to get started:

• Take stock of your home and make a list of its contents.
• It's a good idea to take photographs and store it online or at another location.
• Keep a copy of sales receipts, warranty information or other important items in a file, with the photographs. It will be a great help when you are claiming insurance.
• Make a list of all home improvements, with bills, warranty information, etc.
• Keep track of dates; always leave plenty of time before your current policy expires. Remember, some types of coverage, like flood insurance, don't go into effect for 30 days or more after a new policy is written, so plan ahead.
• If you are travelling or will be out of your home for any reason for a period of more than 30 days consecutively, do inform the insurance company about the same, or the claim for any loss or damage occurring during this period might not be honoured.

Home insurance FAQs

Life Insurance

Introduction

Nothing in life is ever certain, and to guard against all contingencies is just not possible. A life insurance though, is a great safety net. It is designed to protect your family and other people who depend on you for financial support, in the event of your death.

While life insurance leaves you financially secure, you also enjoy other benefits such as tax-deduction options and in some cases long-term capital gains.

When you choose to invest in a life insurance policy, it is important to scout around and check various options. It is vital that the insurance you eventually invest in is the most suitable for your particular needs. So, when you think about how much you can afford to pay, it is essential to think about what you actually need from life insurance cover. This is where MoneyRaksha steps in, to make the selection process a comfortable one for you.

Benefits of life insurance

Like other investment modules, life insurance brings you several benefits:

• Protection for your family. A life insurance is a guaranteed way to protect you family and other dependents in case of your unexpected demise. With a life insurance, the entire amount assured goes to your dependants.
• Money when you need it. Life insurance is a sensible way to save for a rainy day. The payment of premiums in easy instalments allows you to easily save up for the long run. So, you have money for times when you need it, like for your children's education, marriage expenses, or retirement.
• Liquidity. In many cases, a life insurance policy is accepted as collateral for a loan.
• Tax relief. A life insurance policy offers tax deductions on income tax and wealth tax.

Eligibility

You can buy a life insurance policy as long as you are legally a major and you are eligible to enter into a valid contract. Students who earn while studying and those who take up full-time employment after their studies can opt for insurance as a profitable scheme to regulate their savings.

The policy is normally subject to certain conditions, like your state of health, income, and other factors that are considered relevant by the insurance company.

Types of life insurance policies

There are a variety of policies available in the market; choosing the right one depends on what you hope to achieve with it. Is it to provide for your family in case of your demise or is it a savings device?

Primarily, life insurance policies can be classified as:

Term insurance

A term insurance policy provides benefits to your family or dependents in the event of your death during the period covered by your policy. This term of the policy generally varies from 10 to 30 years. This policy is a financially efficient choice, especially for young people, as the premiums on the policy are comparatively lower and the likelihood of the person dying during the term of the policy is minimal. Also, term policies give you the flexibility to select a term that suits your need.

Endowment insurance

Endowment insurance is an ideal policy if you are planning for your retirement. Here, you make a regular investment over a long term and receive a lump sum at the end of the term. You enjoy not only the sum assured but also any bonus or guaranteed additions that may accrue during the policy term. Therefore, these plans are advisable if you want a product that provides both insurance cover and savings. However, you must note that the premium for endowment plans is higher in comparison to term plans.

Whole Life insurance

As the name suggests, whole life insurance covers your whole life, and is not restricted to a specific period. Since there is no fixed date for the policy, it comes only with a death benefit, which is paid to the beneficiary (your family/ dependents). As a policyholder, you will not be entitled to any money during your lifetime, i.e., there is no survival benefit.

Also, since the policy is spread across many years, the premium remains the same. This is convenient, as even older people on fixed incomes, can easily pay the premium.

Money back plan

Do you want to make use of the premiums you have paid for the insurance? Then, a money back plan is what you need. This plan provides life insurance for a specific period. However, during this period, you get a fixed, tax-free portion from the sum assured, at regular intervals. You can use this amount to fund an expense or to re-invest.

When the term comes to an end, you receive the balance portion of the assured sum along with any bonus or guaranteed addition that may accrue during the policy term. In the event of your death during the policy term, the nominee will receive the entire sum assured, even if you have received fixed portions of the sum assured during the term, and additional bonuses and guaranteed additions, if any.

A money back plan is, therefore, a great long-term saving device. However, the premium for these policies is higher in comparison to endowment and term plans.

Unit-Linked Insurance Plans (ULIPs)

Unit-Linked Insurance Plans (ULIPs) combine the benefits of a life insurance policy and an investment device. This means, a part of your premium is used to provide you with a life insurance cover while the residual portion is invested in a fund which in turn invests in stocks or bonds. The value of the investments changes depending on the performance of the underlying fund opted by you.

ULIPs are structured such that the insurance element and the investment element are distinguishable. This gives you the flexibility to manage the two portions according to your specific needs. At the end of the policy term, you receive the fund amount based on the value of the fund at the time.

Claim process

The claim process for life insurance is simple and straightforward. Generally, the insurance company sends you a voucher/ claim form at least a month before the end of the policy. You need to submit this claim form along with the original policy document. This is the basic documentation required although certain processes may vary from company to company. The insurance company processes the claim on verification of the documents.

Life insurance FAQs

Motor insurance

Introduction

You have just bought your own set of wheels and can't wait to get the motor running. But before you rev that engine up and hit the road, you need to buy a motor insurance. This insurance protects you against a loss or accident which may result in damage to your motor vehicle, death of the driver and passengers in an accident, or injury caused by your vehicle to another person or property (third party liability). In India, a motor insurance, with third party liability, is mandatory under the Motor Vehicle Act.

Choosing the right insurance policy is much like choosing the right motor vehicle. It has to fit your needs and lifestyle, yet be within your budget. While motor insurance can seem complex, we, at MoneyRaksha, help you get a policy which gives you the cover you need at a price you can afford.

Vehicles that need insurance

All vehicles plying on the road require an insurance. This includes two-wheelers, three-wheelers, four-wheelers, and heavy and light transport vehicles. These maybe largely classified under:

• Private cars
• Two-wheelers
• Commercial vehicles

Insurance eligibility

If you are looking for a motor insurance policy, you need to provide details about you and your vehicle. Here is a checklist for you:

• The driver of the vehicle is between 21 and 80 years of age, holds a valid driving licence, and is permanent resident of India;
• The vehicle is owned and registered by you/ your spouse/ partner/ civil partner at your address;
• You/your spouse/ partner/ civil partner are the main driver(s) of the vehicle. Your documents should state that the policyholder is the legal owner and registered authority of the vehicle;
• The vehicle has not been modified or altered in any way;
• The vehicle is used for social, domestic, and personal use, or for commuting to and from the place of work;
• The total number of accidents/ claims/ convictions/ fixed penalties/ disqualifications for all drivers does not exceed five in the last three years.

Private car insurance

A car insurance covers losses due to traffic accidents or theft.

Coverage features

A car insurance policy covers the following:

• Loss or damage to your vehicle due to natural calamities such as fire, explosion, lightning, earthquake, flood, hurricane, storm, cyclone, hailstorm, inundation, and landslide;
• Loss or damage to your vehicle due to man-made calamities such as burglary, theft, riot, strike, accident by external means, terrorist activity, any damage in transit by road, rail, waterway, or air;
• Personal accident cover for the individual owner of the vehicle. You can also opt for personal accident cover for the passengers;
• Third party liability covering the legal liability arising out of an injury/ death of a third party or damage of property of a third party in case of an accident involving your vehicle.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

What is not covered?

A car insurance does not cover the following:

• Normal wear and tear or general ageing of the vehicle;
• Depreciation or any consequential loss;
• Mechanical breakdown;
• Wear and tear of consumables like tyres and tubes unless the vehicle is damaged at the same time;
• Damage to/ by a person driving without a valid license;
• Damage to/ by a person driving under the influence of drugs or alcohol;
• War or nuclear perils.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

Claim process

To claim your motor insurance, you need to submit the claim form and policy copy along with various documents, which may vary depending on the type of claim:

If you are claiming a loss or damage to the vehicle due to an accident, you need to submit the following documents:

• A copy of the vehicle's Registration Certificate (RC);
• A copy of the driving license of the person who was driving the vehicle at the time of the accident;
• The original repair estimate, repair invoice, and payment receipt;
• A copy of the FIR lodged at the nearest police station.

If you are claiming a loss due to theft of the vehicle, the following documents are important:

• A copy of the vehicle's Registration Certificate (RC);
• A copy of the FIR lodged at the nearest police station;
• All original keys;
• The No-Trace Report confirming that the stolen vehicle is not traceable.

If it's a third party legal liability claim, the following documents are relevant:

• A copy of the vehicle's Registration Certificate (RC);
• A copy of the driving license of the person who was driving the vehicle at the time of the accident;
• A copy of the FIR lodged at the nearest police station;
• Any legal notice received by you.

Business car insurance

Sometimes you purchase a car specifically for business uses, such as attending meetings, running official errands, etc. In such cases, you need a business car insurance which has unique cover options.

Car insurance for business use is classified based on the type of use:

• Private and semi-business use. This type encompasses private use, commuting, and occasional use for business purposes. Such a vehicle is not registered for business use and does not directly contribute to your income.
• Private and business use. This covers all the features of a private and semi-business use along with the addition of business use for the regular driver, spouse, or any named driver on the insurance policy.
• Commercial use. This covers policyholders for whom travelling in their own vehicle is a regular and essential part of the job.

Niche insurance

Some insurance policies target a niche audience. A few of them are given below:

• Nominated-driver insurance policy. In this category of policies, the premium is calculated based on the fact that your car is driven by not more than two nominated drivers who are above 25 years of age. This type of policy is available only for cars.
• Low-kilometre and nominated-driver insurance policy. An ideal policy for those who do not drive much. The premium is based on the fact that your car is driven by not more than two nominated drivers who are above 25 years of age and that the car will not be driven for more than 10,000 kilometres during the insurance period.

Two-wheeler insurance

A two-wheeler insurance plan applies to motor cycles, scooters, mopeds, and mechanically assisted pedal cycles. A comprehensive two-wheeler insurance covers losses due to traffic accidents or theft of the vehicle.

Coverage features

A two-wheeler insurance policy covers the following:

• Loss or damage to your vehicle due to natural calamities such as fire, explosion, lightning, earthquake, flood, hurricane, storm, cyclone, hailstorm, inundation, and landslide;
• Loss or damage to your vehicle due to man-made calamities such as burglary, theft, riot, strike, accident by external means, terrorist activity, any damage in transit by road, rail, waterway, or air;
• Personal accident cover for the individual owner of the vehicle;
• Third party liability covering the legal liability arising out of an injury/ death of a third party or damage of property of a third party in case of an accident involving your vehicle.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

What is not covered?

A two-wheeler insurance policy does not cover the following:

• Normal wear and tear or general ageing of the vehicle;
• Depreciation or any consequential loss;
• Mechanical breakdown;
• Wear and tear of consumables like tyres and tubes unless the vehicle is damaged at the same time;
• Damage to/ by a person driving without a valid license;
• Damage to/ by a person driving under the influence of drugs or alcohol;
• War or nuclear perils.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

Claim process

To claim your two-wheeler insurance, you need to submit the claim form and policy copy along with various documents, which may vary depending on the type of claim:

If you are claiming a loss or damage to the vehicle due to an accident, you need to submit the following documents:

• A copy of the vehicle's Registration Certificate (RC);
• A copy of the driving license of the person who was driving the vehicle at the time of the accident;
• The original repair estimate, repair invoice, and payment receipt;
• A copy of the FIR lodged at the nearest police station.

If you are claiming a loss due to theft of the vehicle, the following documents are important:

• A copy of the vehicle's Registration Certificate (RC);
• A copy of the FIR lodged at the nearest police station;
• All original keys;
• The No-Trace Report confirming that the stolen vehicle is not traceable.

If it's a third party legal liability claim, the following documents are relevant:

• A copy of the vehicle's Registration Certificate (RC);
• A copy of the driving license of the person who was driving the vehicle at the time of the accident;
• A copy of the FIR lodged at the nearest police station;
• Any legal notice received by you.

Commercial vehicle insurance

Heavy Commercial Vehicles (HCVs) carry goods across the length and breadth of the country, making them a critical component of the Indian transportation industry. Since these vehicles travel so much, they are more prone to damages and accidents, making insurance a must for them.

A HCV insurance covers goods-carrying vehicles (trucks and trailers), passenger-carrying vehicles (buses, coaches, taxi-cabs, vans, and three-wheelers), and special type of vehicles such as rigs, shovels, tippers, tractors, excavators, etc.

Coverage features

A HCV insurance covers:

• Loss or damage to your vehicle due to natural calamities such as fire, explosion, lightning, earthquake, flood, hurricane, storm, cyclone, hailstorm, inundation, and landslide;
• Loss or damage to your vehicle due to man-made calamities such as burglary, theft, riot, strike, accident by external means, terrorist activity, any damage in transit by road, rail, waterway, or air;
• Personal accident cover for the individual owner of the vehicle.
• Third party liability covering the legal liability arising out of an injury/death of a third party or damage of property of a third party in case of an accident involving your vehicle.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

What is not covered?

A HCV insurance policy does not cover the following:

• Normal wear and tear or general ageing of the vehicle;
• Depreciation or any consequential loss;
• Mechanical breakdown;
• Wear and tear of consumables like tyres and tubes unless the vehicle is damaged at the same time;
• Damage to/ by a person driving without a valid license;
• Damage to/ by a person driving under the influence of drugs or alcohol;
• Damage caused by overloading or strain of the vehicle;
• Damage to any bridge, duct, road, or anything beneath by vibration or by the weight of the vehicle or by the load carried by the vehicle;
• War or nuclear perils.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

Claim process

To claim your HCV insurance, you need to submit the claim form and policy copy along with various documents, which may vary depending on the type of claim:

If you are claiming a loss or damage to the vehicle due to an accident, you need to submit the following documents:

• A copy of the vehicle's Registration Certificate (RC);
• A copy of the driving license of the person who was driving the vehicle at the time of the accident;
• license of the person who was driving the vehicle at the time of the accident;
• Original repair estimate, repair invoice, and payment receipt;
• Copy of FIR lodged at the nearest police station;
• Load challan;
• Fitness certificate;
• Route permit;
• Spot survey (within six hours of the accident).

If you are claiming a loss due to theft of the vehicle, the following documents are important:

• A copy of the vehicle's Registration Certificate (RC);
• A copy of the FIR lodged at the nearest police station;
• All original keys;
• The No-Trace Report confirming that the stolen vehicle is not traceable.

If it's a third party legal liability claim, the following documents are relevant:

• A copy of the vehicle's Registration Certificate (RC);
• A copy of the driving license of the person who was driving the vehicle at the time of the accident;
• A copy of the FIR lodged at the nearest police station;
• Any legal notice received by you.

Motor insurance FAQs

Travel Insurance

Introduction

Planning a trip is always exciting. It's a chance to explore new worlds, interact with people of different cultures and try out new experiences. One rarely associates travel with any kind of negative experience.

Yet, it is always better to be well-prepared for unexpected events such as lost baggage and passport, flight delays, personal accidents, or even a hospital stay in an unknown place. A reliable travel insurance plan covers all of these and more.

Types of travel insurance solutions

Like any other insurance, you'll find that there are several travel insurance plans available in the market. Here is a quick glance to help you decide the kind of travel plan you need.

Overseas Travel

So, you are planning a trip to a foreign country. An overseas travel insurance always comes in handy against contingencies, when you are travelling abroad. Such a policy covers unexpected medical and non-medical expenses such as hospitalization or baggage loss or delay.

Options

Overseas travel insurance policies offer flexible options for a single trip, annual multi-trips, and for family plans.

Coverage features

An overseas travel insurance plan generally covers the following:

• Emergency medical expenses, including medical costs incurred due to illness or an accident or during times of prescribed emergency evacuation. The policy covers outpatient, in-patient, medical aid, therapies, and diagnostic tests.
• Emergency dental expenses, including acute anesthetic treatment of natural teeth.
• Hospital cash, which includes a daily allowance in the event of hospitalization either due to sickness or an accident.
• Personal accident, covering a compensation paid in case of death or permanent total disability caused by an accident.
• Accidental death/ permanent total disability - common carrier, which includes the payment of the insured sum on injuries sustained due to an accident or when the injury results in death or permanent total disability. Such an accident should have occurred during the journey while travelling in a common carrier such as a train, bus, or aircraft.
• Flight delay, which includes a compensation if the aircraft is delayed for more than 12 hours beyond the original scheduled departure time.
• Trip cancellation, including a compensation for the loss of personal accommodation or travel charges following the necessary and unavoidable cancellation of the trip due to death, serious injury, or sudden sickness of the insured person or family member.
• Loss of passport, includes expenses incurred in obtaining a new passport.
• Loss/ delay of checked baggage, includes a compensation for the permanent loss of checked-in baggage. In case of a delay of more than 12 hours in obtaining checked-in baggage, the plan includes a compensation for reasonable expenses incurred for the purchase of toiletries, clothing, and medication.
• Financial emergency assistance, which includes a fixed sum, paid as emergency assistance in case of a financial emergency due to theft of travel funds.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

What is not covered?

Overseas travel plans may not cover the following instances:

• Hazardous sports such as parachuting, hang gliding, bungee jumping, etc;
• Civil war;
• Terrorism;
• Self-inflicted injury or suicide;
• Treatment of nervous or mental problems;
• Injuries sustained under the influence of liquor, drugs, or narcotics.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

Claim process

To claim your overseas travel insurance, you need to fill in the relevant claim form and attach documents according to the claim type. For example, an accident injury claim require documents such as a police report (if the accident is reported to the police), medical papers, reports, X-rays, and the attending physician's statement.

To claim insurance for baggage loss, you need to submit the airline tickets, any available receipts for the lost baggage, correspondence with the airline, and a letter from the airline confirming the reason for delay, along with your claim form.

Student travel

Studying abroad can be an exciting and unnerving experience all at once. You are on your own, perhaps for the first time. In such a situation, it makes good sense to protect yourself before you set out. An overseas student travel insurance plan provides medical and non-medical insurance coverage to make your stay abroad a pleasant experience.

Options

Comprehensive policies cover expenses such as loss of checked in baggage, accidents, study interruption, sponsor protection, etc. in addition to medical expenses. You can also opt for policies which provide added coverage to fulfill the various criteria of universities abroad.

Coverage features

A student travel insurance plan generally covers:

• Medical expenses, including in-patient and out-patient hospitalisation and a daily allowance in case of hospitalisation. It also covers dental expenses for acute anaesthetic dental treatment caused by injury.
• Personal accident, with compensation for death or permanent disability.
• Accidental death/ permanent total disability - common carrier, with compensation for death or permanent disability due to an accident on any flight, ship or other common carrier.
• Personal possession contingencies, such as loss of personal possessions passport and checked-in baggage.
• Study interruption, which involves reimbursement of the current course semester fee, if education abroad is interrupted on account of a medical condition.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

What is not covered?

Student travel plans may not cover the following instances:

• Dangerous sports such as parachuting, hang gliding, bungee jumping, etc;
• Civil war;
• Terrorism;
• Self-inflicted injury or suicide;
• Pre-existing ailments and complications arising out of them;
• Injuries sustained under the influence of liquor, drugs, or narcotics.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

Claim process

To claim your student travel insurance, you need to fill in the relevant claim form and attach documents according to the claim type. For example, for health cover, you need to submit the original copy of the doctor's statement mentioning the ailment and prescribed treatment, original hospital bills and receipts.

To claim a lost passport, you have to forward receipts for obtaining a duplicate passport, a certificate issued by the Indian embassy in the country, etc. along with the duly filled claim form.

Domestic Travel

India is your home country and no doubt you can always manage in an emergency. Nevertheless, it is still wise to protect yourself and be completely at peace while away from home. After all, what do you if you fall ill in a strange city or if your flight is delayed or baggage lost. All of these and more are covered by a domestic travel insurance policy.

Coverage features

Domestic travel insurance generally covers:

• Lost ticket reimbursement, if you misplace your ticket due to which you cannot continue the journey;
• Missed departure, in the event of missing the departure of your booked journey;
• Emergency medical evacuation, in case of a medical emergency;
• Accommodation charges, caused due to a delay in air/ rail services;
• Accidental death/ permanent total disability - common carrier, with compensation for death or permanent disability due to an accident on any flight, ship or other common carrier;
• Accident medical expenses, with compensation paid in case of hospitalisation caused due to an accident.

(Please note that these are just illustrative pointers. You must refer the specific policy for an exhaustive list.)

What is not covered?

Claim process

To claim your domestic travel insurance, you need to fill in the relevant claim form and attach supporting documents, which vary according to the claim type. The documents will include the ticket, copy of the policy, receipts of medical bills or a confirmation from the carrier on trip delays, etc.

Travel insurance FAQs