BimaKavach - Simplifying Business Insurance in India

 If you own a vehicle, you will know that motor insurance is mandatory in India. The policy ensures that the vehicle has complete protection against physical damage from natural or artificial calamities and third-party liabilities arising from the insured vehicle.

 The different types of Motor Insurance Policies available in the market under the ones mentioned above are as follows:

 Third-party insurance Policy: Pays the financial liability to the third party affected in the mishap, ensuring you do not face legal hassle due to the accident.

 Comprehensive Insurance Policy: Apart from covering third-party liabilities, these plans also cover the expenses incurred for repairing the damages to the policyholder’s vehicle due to an accident, fire, artificial and natural calamities, riots and other such instances.

 Own Damage Policy: With Own Damage Cover, you receive the same benefits as a comprehensive policy without the third-party liability portion of the policy.

 There are many add-ons covers that can be added to your motor insurance policy to ensure that you are covered against any eventuality. Some add-on covers you can avail of are - Zero depreciation cover, Loss of personal belongings cover, Pay-as-you-drive cover, Daily conveyance cover, etc.

 Travel Insurance provides financial protection to you and your family when you are visiting any place in the country or abroad. It covers emergencies like loss of baggage, loss of passport, hijacking, medical emergencies, delayed flights, accidental deaths, adventure sports etc.

 The above types further have a list of different products under them like Individual Travel Insurance, Family Travel Insurance, Senior Citizen Travel Insurance, Corporate Travel Insurance, Multi Trip Travel Insurance, Single Trip Travel Insurance and Schengen Travel Insurance.

 Another category of insurance is Property Insurance. A Property Insurance Policy provides financial reimbursement to the owner/renter of a building and its contents. It also covers damage caused to anyone other than the owner/renter if that person is injured on the property.

 Home Insurance: Provides financial coverage in case of any significant damage to the insured home due to any reason like fire, theft, flood, storm etc.

 Office Insurance: Office insurance provides coverage for the risks that can impact office operations like fire, burglary, misuse of office data, loss of money due to cheating of employees etc.

 A Commercial Lines Insurance policy ensures that the business does not face any financial burden because of any financial and business risks. Apart from covering the damages to the property or employee injury, it also covers public or employer liability.

 Commercial Insurance, as an umbrella segment, has a number of Insurance types based on the type of asset covered, viz.:

 Liability Insurance: An insurance product that provides coverage against any claims resulting from injury or damage to any third party, i.e., person or property. It offers the following types of Liability Insurance Policies:

 Marine Cargo Insurance: This Insurance provides coverage for the inland transit of consignments. It covers the loss or damage of cargo or the means of its transportation between the point of origin and the final destination.

 Engineering Insurance: Engineering Insurance provides coverage against all risks associated with engineering and machinery. It includes the following insurance products:

 Workmen Compensation Insurance: Workmen Compensation provides financial coverage to employees who get injured or die in any mishap during work. Thus, Workmen Compensation Insurance not only helps the employers to compensate these employees but also to fulfil their ethical duty as an employer.

 Crop Insurance: As the name suggests, Crop Insurance is bought by agriculturists to cover the financial losses that a bad crop season, crop failure or any other related menace might bring in.

 There is no denying the fact that modern-day devices are making our lives simpler, richer and smarter. However, in case of any damage, they are usually expensive to be repaired. As the name suggests, Asset Insurance provides financial coverage to your assets like Mobile TVs, and other appliances or electronics.

Third Party Liability Of Directors Includes

 Pet Insurance provides financial coverage for your pet’s health and well-being requirements, such as any medical condition, such as pregnancy complications, dental treatments, and insect-borne diseases. Not just that, it also covers a lot of other conditions like pet theft, loss or damages to a third party because of the pet, accidents, overseas coverage and many more, depending on your insurance provider.

 Bite-size Insurance, also known as small-ticket insurance/sachet insurance, is a non-comprehensive plan which focuses on specific needs. They are available at a lower premium and can be availed without documentation/tests. Since these insurance plans are specific, they have limited but focused coverage. In fact, Bite-Size Insurance is a category and not a type. It is unrestricted across all categories like health, travel, property etc.

 Insurance is a concept that applies to a large group of people who may suffer the same risk in the same conditions or region. The money collected as premium from you by the insurer for availing an insurance policy goes into a big pool of funds where the premium paid by many other policyholders is also accumulated. In case, a policyholder faces a loss, the insurer covers the expenses from that pool.

 Any individual needs to have a general insurance policy owing to the risks posed by accidents, medical emergencies, natural calamities, and other unforeseen circumstances. The policy provides financial protection in case such situations arise in our lives. We cannot predict an accident or calamity; however, we can be better prepared to handle them.

 For most categories, having insurance coverage is compulsory by law. One example is the Motor Vehicles Act 1988, which made motor insurance compulsory. Thus, while following the mandatory regulation, you also ensure your beloved vehicle is financially protected.

 General Insurance Plans provide compensation against losses. Thus, across all categories, they serve one primary purpose: to provide financial protection and safeguard your savings in case any unfortunate situation arises.

 Many General Insurance Plans provide tax benefits. For example, the premium paid towards medical insurance offers tax benefits under Section 80D of the Income Tax Act.

 Many General Insurance Plans provide tax benefits. For example, the premium paid towards medical insurance offers tax benefits under Section 80D of the Income Tax Act.

 Insurance protects you, your family and things you value from financial loss. Learn how insurance works, what to look out for, and why you should compare first before buying.

 Insurance is meant to protect you, your family and things you care about. The insurance you buy depends not only on what you want to protect but also what you can afford.

 Some insurance policies are must-haves. You can’t drive without car insurance or get a mortgage without fire insurance in most cases.

 With so many types of policies out there, how do you choose the right one? What do you look out for? Even if you can afford it, you don't have to buy them all.

 The first question to ask yourself is, do you need insurance at all? If you're unsure, take a look at what you have now — your work, life, family and everything you worked hard for. Which part of it do you want to protect if something untoward was to happen to you? Your answer can lead you to the type of insurance you need.

 Premium is the amount you pay for the insurance. It could be monthly, quarterly or yearly. It could also be a one-time payment for travel insurance.

 The amount of premium depends on the risk and on the value of the potential loss you’re being insured for. For example, you may want your family to continue to receive your monthly income if you pass away prematurely so your insurance policy will cost more for this benefit.

 If something happens that’s covered by the policy, you can claim on your insurance. Tell the insurer what happened, they'll investigate and if the claim meets with what you’re protected against, then they'll pay you as agreed.

 After you've bought a policy (any policy except travel, car and maid insurance), you have at least a 14-day free look or cooling-off period for you to review it. The free-look period starts from the date you receive your policy document.