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Health Insurance
In these uncertain times, you need to take certain steps to secure future, at least financially by taking adequate insurance. Uncertainty prevails-be it life or property. And that gives you enough reason to take steps to secure the future, at least financially. The risk that your life carries is death, hospitalization and physical impairment. Accordingly, you need life insurance, health insurance and personal accident cover for the respective risks.
Personal Accident Cover
What this cover offers you is financial compensation against accident, which might leave you physically handicapped for a period of time. Typically, a personal accident policy covers you against death, permanent disability, permanent partial disability and temporary total disability. For death or permanent disability, it pays you lump sum compensation. For temporary disability, it pays you a weekly compensation of around 1 per cent of the sum insured for up to two years. This policy offers you a cover of up to 60 times of your monthly salary and could go up to 100 times in some cases.
Motor Insurance
There are two different kinds of insurance - life insurance and general insurance. With life insurance you don't renew your policy each year. Instead, you agree to pay a fixed premium for a set number of years. In other words you enter a long-term commitment when you buy a life insurance policy.
Householder's Insurence
To protect your house, you need to take a householder's policy with a terrorism cover, which, normally, is an extension of a fire insurance cover. A fire insurance policy covers the building and its assets against fire and allied perils like earthquake, lightning, storm, floods and riots. However, this policy will not cover a fire triggered by a terror act, unless it is covered for separately. ''Terrorism cover always comes as an extension with a fire insurance policy in order to establish the risk. Just on account of terrorism, there could be any damage, which is an unspecified risk. Hence, it under fire and allied perils."
Fire Insurance Cover
The fire insurance cover can be bought at an additional premium of Rs 0.08 per thousand of the sum insured under the householder's policy. "You can buy terrorism cover midterm also. However, we refuse the cover if there is a developing case of a peril. $0, if somebody were to buy a cover because a flood is going to strike, we will not cover him." |
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