A contract (insurance policy) in which the insurer (insurance company) agrees for a fee (insurance premiums) to pay the insured party all or a portion of any loss suffered by accident or death.
INSURANCE PLANS IN INDIA – BUYERS' GUIDE
GENERAL INSURANCE
General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance.
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General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc. Non-life insurance companies have products that cover property against Fire and allied perils, flood storm and inundation, earthquake and so on. There are products that cover property against burglary, theft etc. The non-life companies also offer policies covering machinery against breakdown,there are policies that cover the hull of ships and so on.
A Marine Cargo policy covers goods in transit including by sea, air and road. Further, insurance of motor vehicles against damages and theft forms a major chunk of non-life insurance business. Personal insurance covers include policies for Accident, Health etc. Products offering Personal Accident cover are benefit policies. Health insurance covers offered by non-life insurers are mainly hospitalization covers either on reimbursement or cashless basis. Liability insurance covers such as Motor Third Party Liability Insurance, Workmen's Compensation Policy etc offer cover against legal liabilities that may arise under the respective statutes— Motor Vehicles Act. There are general insurance products that are in the nature of package policies offering a combination of the covers mentioned above. For instance, there are package policies available for householders, shop keepers and also for professionals such as doctors, chartered accountants etc. Apart from offering standard covers, insurers also offer customized or tailor-made ones.
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Health is wealth and a Mediclaim Policy is the best way to insure it. Mediclaim is the best solution that you can use to cover up all medical expenses.
Health Insurance (popularly known as Medi-claim Policy) offers protection from unexpected medical emergencies, providing a financial support. Health insurance therefore, can be a source of support as it takes care of the financial burden your family may have to go through. It will help you tackle such situations with ease by providing you with timely and adequate medical care.
This policy covers individual & ones family from medical expenses during
Sudden illness
Surgeries (acquired in respect of any disease, which has arisen during the policy period.)
Accidents including room charges, doctor's fees, medicines, tests etc that may arise in future.
Thses policies cover the insured person for following:
In-patient hospitalization provide extensive coverage including room charges, boarding expenses, nursing expenses, operation theater charges, ICU charges
Surgeon fees, specialist fees, medical practitioner, consultant fees, cost of medicines and drugs, blood, oxygen, diagnostic test, cost of pacemaker, artificial limbs, etc.
Pre and post hospitalization, pre-existing diseases, day care treatment, domiciliary hospitalization
Cost of health check-up, ambulance charges, etc. are also covered.
The premium paid is eligible for tax benefit under section 80D of the Income Tax Act,1961.
The benefit of discount in premium for every claim free year of the policy.
Cashless hospitalization service at all network hospitals.
Several insurance companies offering a wider health coverage at affordable premium rates. We bring to you different products available to suit your best requirements.
Options available
Family Floater
Individual Health Insurance
Individual Health Insurance + Critical Care
Critical Care
Personal Accident
Top Up Policy
Health Policy Including OPD Coverage
Family Floater Including Parents or in-laws
Motor Insurance is a wide comprehensive cover designed to provide protection to you & your car. Protection from loss of car or damage to the car – giving a secured driving.
It covers
Own damage
Legal liability of insured towards third party personal injury and property damage arising out of an accident involving the insured vehicle
Passengers
Hired driver
Depreciation Reimbursement
Loss of Personal Belongings
Daily Allowance
No Claim Bonus Protection
Repair of Glass, Fibre, Plastic and Rubber Parts
Key Replacement
Emergency Transport and Hotel Expenses
Return to Invoice
Options available
Car Insurance
Two wheeler
Commercial vehicles
Passenger Carrying Vehicle
3 - wheeler
Tractors etc.
Home Insurance policy provides a cover to the structure and contents of your home from all unforeseen natural & man-made catastrophes. It provides protection for property and interests of the insured and his family members. It is imperative that you secure your home which gives one peace of mind protecting the most valued possession.
Coverages
Section – I: Fire & Allied Perils. Loss to the residential building, household goods & personal effects - as per Fire Policy and Earthquake Risk.
A) Against House Building.
B) Against household contents.
Section – II: Burglary & Housebreaking including larceny or theft (Contents only)
Section-III: All Risk against valuable items. Loss or damage to Jewellery, Valuables etc. due to accident or misfortune
Section-IV: Plate Glass Cover (fixed). Accidental breakage of fixed plate glass
Section-V: Breakdown of domestic appliance. Damage to electrical appliances (refrigerator, mixer etc.) due to electrical or mechanical breakdown.
Section –VI: Television Sets (All Risk) cover. Sum insured should be its new replacement value
Section-VII: Pedal Cycle (All Risks) cover. Loss by Fire & allied perils Housebreaking / Theft, Accidental external means
Section –VIII: Baggage Insurance cover. Loss to accompanied baggage by accident or misfortune
Section-IX: Personal Accident Insurance cover. Death or bodily injury by accidental, external violent, visible means including Medical Expenses resulting from accident & weekly compensation during hospitalization in Hospital only.
Section-X: Public Liability &; Workman Compensation Risks. Legal liability of the Insured to the public for bodily injury or accidental death and workman compensation as per Workman Compensation Act
Travel Insurance / Overseas Medi-claim policy is a basic requirement when one travels abroad, either its for business,sight-seeing,shopping or pleasure. It is a single policy which covers all unforeseen risks – medical & non-medical when one is in a strange place.
Options available
Single Trip
Multi Trip
Student Medical
Senior Citizen
Pay per day basis
Coverage of Medical Expenses
It 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
Compensation for the loss of checked in baggage.
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, it will pay a distress allowance to you.
In-hospital Indemnity
Travel Guard pays a Daily benefit for each day you are an inpatient in a hospital due to injury or sickness.
Trip Delay
Reimbursement of additional expenses occurred due to trip delay.
Automatic-extension of the policy
It allows you to extend your policy upto a period of 7 days from the policy expiry date.
Personal Accident
It gives you worldwide coverage against Accidental Death and Dismemberment while you're abroad anywhere in the world.
Sickness Dental Relief
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.
Non Medical Assistance includes:
Pre-departure services
Embassy referral services
Claims procedures Information services
Lost Luggage or Lost Passport
General Assistance
Pre-Departure Services
Emergency Travel Agency
Emergency Cash Transfers and Advances
Legal Assistance
Medical Assistance includes:
Medical services provider referral
Arrangement of Hospital admissions
Monitoring of Medical Condition during Hospitalization
Medical Assistance
Medical Evacuation
Accidents do not happen when you are driving a car, or away on a vacation. It may happen anytime & anywhere. Considering that modern day life is so dangerous, a personal accident policy is a solution to such vagaries of life.
Coverages are -
Accidental Death Benefit
Accidental Permanent Total / Partial Disability Benefit
Accidental Partial / Temporary Disability Benefit
Broken Bones
Burns
Rising costs of Healthcare have made it necessary for every employer to cover their employees and their families from financial instability that may arise in case of a hospitalization. Group Health Insurance also called as Group Mediclaim in India is primarily cashless hospitalization coverage for your employees and their families.
It covers the following
Hospitalization costs - if the hospitalization is for more than 24 hours.
Pre and Post Hospitalization Costs.
Ancillary Costs like Ambulance [specifically mentioned in the policy]
Cashless Coverage for Self+Spouse+2 Kids+ 2 Parents
Pre-Existing Illness Coverage from Day 1
Maternity Coverage from Day 1
Day 1 Baby Coverage
Waiver of 30 Days waiting Period
Waiver of 1 and 2 year Exclusions on various illnesses
Waiver of any sub-limits in the policy
No copayment applicable
Periodic Addition/Deletion is possible on pro-rata basis. Groups of minimum 10 employess and minimum 25 members can be covered.
Considering the lifestyle today, every employee in your organization is exposed to various risks of accidental death and disability, specifically at work and while traveling to and fro the work place. In case of any such event actually happening, the Employer has a moral duty to provide compensation, hence in our opinion; this cover becomes one of the most critical covers for employees. A Group Personal Accident Policy provides worldwide comprehensive lump sum coverage to your staff from risks of accidental death and disability.
It covers the following
Accidental Death
Accidental Permanent Total Disability
Accidental Permanent Partial Disability
Accidental Temporary Total Disability
Weekly compensation benefits
Medical Extention
Periodic Addition/Deletion is possible on pro-rata basis. Groups as small as 10 members can be covered
In the increasingly litigious world that we are in Irrespective of the size of business, it is critical to consider liability insurance. It is prudent to cover your business against all kinds of liabilities - public liability (third party injury or property damage) from industrial and non-industrial operations, product liability,professional indemnity, D&O liability and E&O liability. Bonsai Insurance offers a wide array of liability products to suit your business needs.
The following are some of the products:
Product Liability
Public Liability Act Only
Workmen's' Compensation Policy
Public Liability Insurance (Industrial Risks) Policy
Public Liability Insurance (Non-Industrial Risks) Policy
Periodic Addition/Deletion is possible on pro-rata basis. Groups as small as 10 members can be covered
Product Liability Insurance
Safety and reliability of products are an important concern to consumers, sellers & manufacturers. Faulty products can be hazardous for the consumers' health & property. The manufacturer/ seller of faulty could be held liable for such damages, exposing themselves to financial losses.
Product liability insurance protects the companies exposed to above risk by financially assisting policyholders in such situations.
This Policy broadly covers:
Legal liability of the Insured towards damages to the third party arising due to faulty products manufactured / sold by the insured, liability with respect to
Accidental death
Bodily injury or disease
Loss or damage to property
Legal costs and expenses incurred with the prior consent of the Insurer and within the limit of indemnity.
Depending on exposure (end users, sales territories, nature of products & turnover), the proposer has to fix two limits of indemnity under the policy
Any One Accident (AOA)
Any One Year (AOY)
AOA and AOY can be in ratio of 1:1, 1:2, and 1:3 and maximum can be 1:4. It is not permissible to issue the policy with unlimited liability.
Public Liability - Industrial & Non Risks
Legal liability of the Insured towards damages to third party with respect to
Accidental death
Bodily injury or disease
Loss or damage to property
Legal costs and expenses incurred with the prior consent of the Insurer and within the limit of indemnity
Public Liability - Act Only
This Policy broadly covers the Owner's statutory liability on the no-fault principle for the following conditions resulting from an accident while handling any hazardous substances: Death of or injury to any person Damage to property
Directors' and Officers' Liability Insurance
The Directors' and Officers' Liability Insurance [D&O] policy has been designed specifically to meet any financial liabilities
imposed upon the Directors' or Officers' in their personal capacity for any wrongful act, knowingly or unknowingly in their respective capacity under Common Law, Corporate Law and Security Law causing financial loss to the other stakeholders of the company.
In a recent spate of litigation, a number of adverse court verdicts regarding the liability of directors and officers of companies to various stakeholders like Employees, Creditors, and Shareholders were passed where the directors and officers were held personally liable for payment of compensation to the third party.
This policy is necessary for directors and officers of every company if they wish to avoid potential litigation owing to:
Failure of supervision.
Inaccuracy in statements of financial accounts.
Lack of judgment and good faith.
Mismanagement of funds.
Misstatements in prospectuses.
Allotment of shares.
Unauthorized loans or investments.
Failure to obtain competitive bids.
Imprudent expansion resulting in a loss.
Using inside information.
Unwarranted dividend payment, salaries or compensation.
Misleading statements filed with the stock exchange.
Misrepresentation in acquisition agreement for the purchase of another company.
Wrongful dismissal of an employee.
Risks Covered
This policy covers all claims made in event of:
Mergers, takeovers and divestment.
Liquidation
Changes in control of shareholding.
Share issues.
Shareholder claims.
Misdeeds of co-directors.
Trustee accountability and responsibility.
Customs and excise allegations.
Administrative liabilities.
Termination of employment.
Disposal of old firm/ entry of new owners.
Miscellaneous litigation.
Compensation Offered
The extent of indemnity being severely restricted by the Companies' Act will reimburse the extent of legal costs expended only if the Director/ Officer successfully defend the act taken against him. Also, coverage is available on a 'claims made' basis and applies only to claims made against the Board of Directors during the policy period, irrespective of when the wrongful act occurred.
The Cover Applies To
Liabilities arising from any claim made against Directors and/ or Officers of the company by reason of any wrongful act in their respective capacity.
Liabilities against the company where it is required to indemnify the Directors/ Officers pursuant to common or
statutory law provisions or Memorandum and Articles of Association.
The company and its subsidiaries that are under the common control of the Directors / Officers.
Exclusions
The policy will not pay for the losses arising from any claim.
Prior and pending litigation and claims submitted under previous policies.
Bodily injury, sickness, disease, emotional distress, death, damage or destruction of tangible property including loss.
Insured v/s Insured. viz. Directors suing each other.
Illegal personal profit and remuneration.
Deliberate, dishonest or fraudulent acts.
Pollution and/ or contamination.
Insider trading.
In the increasingly litigious corporate world, directors and officers are getting more and more exposed to variety of legal liability. There are lots of limitations, to the extent of which a Director or an officer can always be vigilant and take right decisions. The major constraints come from market risks, political risks or financial risks. The D&O helps the Directors and the Company to transfer such financial risks and legal liabilities to professional fund managers
A contract of marine insurance is an agreement whereby the insurer covers against losses incidental to marine adventure. There is a marine adventure when any insurable property is exposed to maritime perils i.e. perils consequent to navigation of the sea. The term 'perils of the sea' refers only to accidents or casualities of the sea, and does not include the ordinary action of the winds and waves. Besides, maritime perils include, fire, war perils, pirates, seizures and jettison,etc.
There are four types of Marine Insurance
Hull Insurance - Covers the insurance of the vessel and its equipment i.e. furniture and fittings, machinery, tools, fuel,etc. It is effected generally by the owner of the ship.
Cargo Insurance - Includes the cargo or goods contained in the ship and the personal belongings of the crew and passengers.
Freight Insurance - Provides protection against the loss of freight. In many cases, the owner of goods is bound to pay freight, under the terms of the contract, only when the goods are safely delivered at the port of destination. If the ship is lost on the way or the cargo is damaged or stolen, the shipping company loses the freight. Freight insurance is taken to guard against such risk.
Liability Insurance - Is one in which the insurer undertakes to indemnify against the loss which the insured may suffer on account of liability to a third party caused by collision of the ship and other similar hazards.
In a contract of marine insurance, the insured must have insurable interest in the subject matter insured at the time of the loss. Insurable interest is not required to be present at the time of taking the policy.
Under marine insurance, the following persons are deemed to have insurable interest :
The owner of the ship has an insurable interest in the ship.
The owner of the cargo has insurable interest in the cargo.
A creditor who has advanced money on the security of the ship or cargo has insurable interest to the extent of his loan.
The master and crew of the ship have insurable interest in respect of their wages.
If the subject matter of insurance is mortgaged, the mortgagor has insurable interest in the full value thereof, and the mortgagee has insurable interest in respect of any sum due to him.
A trustee holding any property in trust has insurable interest in such property.
In case of advance freight the person advancing the freight has an insurable interest in so far as such freight is repayable in case of loss.
The insured has an insurable interest in the charges of any insurance policy which he may take.
Types of Marine Insurance Policies
1. Voyage Policy - Is a policy in which the subject matter is insured for a particular voyage irrespective of the time involved in it. In this case the risk attaches only when the ship starts on the voyage.
Time Policy -Is a policy in which the subject matter is insured for a definite period of time. The ship may pursue any course it likes, the policy would cover all the risks from perils of the sea for the stated period of time. A time policy cannot be for a period exceeding one year, but it may contain a 'continuation clause'. The 'continuation clause' means that if the voyage is not completed within the specified period, the risk shall be covered until the voyage is completed, or till the arrival of the ship at the port of call.
2. Mixed Policy - Is a combination of voyage and time policies and covers the risk during particular voyage for a specified period of time.
3.Valued Policy - Is a policy in which the value of the subject matter insured is agreed upon between the insurer and the insured and it is specified in the policy itself.
4. Open or Un-valued Policy - Is the policy in which the value of the subject matter insured is not specified. Subject to the limit of the sum assured, it leaves the value of the loss to be subsequently ascertained.
5. Floating or Declaration Policy - Is a policy which only mentions the amount for which the insurance is taken out and leaves the name of the ship(s) and other particulars to be defined by subsequent declarations. Such policies are very useful to merchants who regularly despatch goods through ships.
Office Insurance Package is a comprehensive package of different insurance policies that provide flexibility and cover for various contingencies. A package policy like this avoids you arranging different policies for fire, burglary, machinery breakdown etc. It provides you complete control of managing all your risks in office under one policy. Over and above this, an Office Insurance being a package plan also helps you get good discounts.
Section I - Fire and special perils:
Covers the office building and contents against perils such as fire, earthquake, impact damage, etc. Cover under this section can be extended to include terrorism risk.
This policy is meant for following professionals:
Doctors and medical practitioners -
Whice covers registered medical practitioners like physicians, surgeons, cardiologists, pathologists etc.
Medical establishments -
Which covers legal liability falling on the medical establishment such as hospitals and nursing homes, as a result of error or omission committed by any named professional or qualified assistants engaged by the medical establishment.
Engineers, architects and interior decorators. -
Lawyers, advocates, solicitors and counsels.
Chartered accountants, financial accountants, management consultants.
Highlights
This policy is meant for professionals to cover liability falling on them as a result of errors and omissions committed by them whilst rendering professional service.
The policy offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable.
Group policies can also be issued covering members of one profession. Group discount in premium is available depending upon the number of members covered.
Scope:
The policy covers all sums which the insured professional becomes legally liable to pay as damages to third party in respect of any error and/or omission on his/her part committed whilst rendering professional service. Legal cost and expenses incurred in defence of the case, with the prior consent of the insurance company, are also payable, subject to the overall limit of indemnity selected.
Health Insurance
(Insure from unexpected medical expenses)