General Insurance

Mediclaim/Health Insurance

The most common policy is the Hospitalization expenses reimbursement policy or "mediclaim" policy as it is commonly known. This will reimburse "eligible" expenses incurred while hospitalized for treatment of any illness or disease or due to an accident. The policy normally does not cover expenses incurred outside the hospital even if they are quite high such as expenses for tests, doctor's visits while not hospitalized or medicines during that period unless it leads to hospitalization in 30-90 days or is a result of hospitalization in the prior 30-90 days. Expenses on elective treatments such as cosmetic surgery, obesity, etc. are also not covered. There is a long list of other permanent exclusions but in the interest of simplicity they are not being given here.

Critical illness

There are policies that pay a lump sum if you contract a serious illness/disease such as Cancer, stroke, organ failure, etc. This amount is payable when the condition is diagnosed and you survive a fixed period after the diagnosis. This type of policy is popularly called a critical illness policy and it is supposed to be used to create a corpus to generate income to replace the loss of income that normally occurs after such condition is diagnosed and fortunately you survive. Critical Illness Policies are in addition to and not a substitute for mediclaim policies.

Hospitalisation cash Policy

policy which pays a fixed sum of money for every day spent in the hospital is called daily cash allowance policy and is again a supplement to and not a replacement for a mediclaim policy.

Personal Accident

Under Personal accident policy insured is covered for

  • Accidental Death
  • Permanent disablement
  • Temporary disablement

Travel Insurance

Travel insurance coverage includes risks of accidents, illness (medical expenses), missed flights, trip cancellation and interruption, trip and/or baggage delay, lost baggage, emergency evacuation, hijacking, and expatriating your remains back home if you were to die. It is a simple and affordable way of being covered for unforeseen costs and events.

Home Insurance

It cover the house from fire & allied perils. In addition the typical home insurance covers your valuable personal property as well. Your personal property could consist of your furniture, clothing, stereo, computer equipment, jewelry etc.

Vehicle Insurance

Just like in a life insurance policy there is a sum insured in a car/vehicle insurance policy it is called Insured Declared Value or IDV for short. Generally Vehicle policies are of two type viz: Own Damage & Third Party. Under Third Party Insurance Damage to Third party’s property is covered where as under own damage policy all damages to owner as well as Third party are covered. Various versions like Zero depreciation ,Road side assistance are also available.