Why would you need car insurance?

Most of us know, that once buy a car, we have to carry our car insurance certificate in the car, because it is the law. It is compulsory under Govt. of India regulations to have insurance for every automobile on the public roads. But, would you buy car insurance if it was not made mandatory?

I'm reminded of an incident with my neighbour, Mr Rao. When driving late night one rainy day, Mr Rao didn't notice a cyclist crossing the road till the last minute. He managed to swerve his car, but as the roads were slippery, it skid, and hit the car next to him. Now, in panic, Mr Rao jumped out to in the rain and so did the other driver. Both cars were badly dented. The other driver was yelling, and a crowd was beginning to gather. Before things could get more out of hand, Mr Rao assured the other driver, he had car insurance and gave him the details of his insurer. Luckily this calmed the other driver. He took the insurance details, and Mr Rao's licence and registration details. He would have to file an FIR he said. After such a horrifying experience, Mr Rao was grateful that he had insurance. His insurance agent came to inspect the damage. Luckily he had comprehensive insurance which included self and third party insurance and did not have to shell out a paisa of his own money on repairs. Not only that, he got daily allowance to travel, while his car was being repaired in the garage.

Now, third party insurance covers you only for cases of third party damages and comprehensive insurance covers both own vehicle and third party losses. Third party insurance is mandatory. It covers the loss others face for our fault. It is unfair on the other person if the person causing the loss cannot pay for the damages caused. That is why third party insurance is compulsory so that the other party is not left in the lurch for our faults.

Consider another scenario when you've returned to your brand new car after shopping for groceries, only to find scratches from the shopping trolleys all over its side. A visit to the garage sinks your heart even further. Even a simple touch up job sets you back a hefty amount. Luckily your comprehensive car insurance can pay for the damages and your brand new car can look shiny again.

Imagine another common incident. You parked your car on the small road in front of your friend's house. After dinner, you return and see that the car's gone! Someone stole your car. Now if you had car insurance you could claim the insurance money and if you have Return to invoice cover in your policy, you can have sufficient money to buy yourself a new car.

So accidents, thefts and disasters can happen anytime and anywhere. Even the best of drivers have faced difficulties. Car insurance can protect you and fellow drivers on road. Hence stay insured and drive safely.

 

Agri Insurance

Risk

Agriculture is the back-bone of Indian economy and agricultural workers make up more than two third of the total workforce of the country. Almost the entire workforce engaged in agriculture, forestry, fishery and plantation is unorganized. Crop production in India is dependent largely on the weather. In addition the farmers face other production risks as well as marketing risks making Indian agricultural a risky enterprise.

Solution

Crop insurance is a means of protecting farmers against  the variations in yield resulting from uncertainty of practically all natural factors beyond their control such as rainfall (drought or excess rainfall), flood, hails, other weather variables apart from fire, pests and diseases, accidents, etc.

Cover

A number of crop insurance products are available to farmers in different geographical areas and for different purposes.
These include:

• National Agricultural Insurance Scheme
• Weather Based Crop Insurance Scheme
• Wheat Insurance
• Rabi Weather Insurance
• Cattle / Livestock Insurance

Policy indemnifies against loss sustained due to loss of life of cattle / livestock.

• Sheep and Goat Insurance

Policy indemnifies against loss sustained due to loss of life of Sheep or Goat.

• Elephant Insurance

Policy provides indemnity to insured for the loss sustained by him due to death of his elephant used for commercial/religious purpose. Policy does not provide cover to circus elephants.

• Dog Insurance

Policy covers death of pet dogs of Cross-bred and exotic breeds between the age group of 2 months to 8 years.

• Brackish Water Prawn Insurance

Policy covers Total loss of prawns, Nursed seeds in hatcheries owned by state Government, FFDAS, State Fisheries Corporation, MPEDA or such other organisations.

• Silkworm ( Sericulture) Insurance

Policy covers total or partial loss due to death of silk worms of different variety due to disease or accident.

• Janata Personal Accident Insurance

Policy Covers individuals in the age group of 10-70 years against death or total / partial disablement.

• Horticulture/Plantation Insurance

Policy covers Loss or Damage to the Insured tree / plant due to fire / lightning / storm / hailstorm / cyclone / tempest.

• Kisan Agriculture Pumpset Insurance

Policy covers pump sets used for agricultural purposes against Electrical/Mechanical Breakdown, Fire /Lighting, Theft and Burglary, Riot/Strike/Malicious damage etc.

Home Insurance

Risk

Our home is our most valued possession. It's a dream come true for most Indians. People take out homeowners insurance for the same reason that they take out car and health insurance: If a home is damaged or someone else injured on the property, insurance helps owners cope with the financial consequences.

Accidents can take place at any time and that is why it is necessary to play safe and take the necessary safety net available through insurance. Opting out of home content insurance or flood damage insurance would bring unimaginable misery in case of an accident.

Solution

Homeowners insurance isn't just for victims of major disasters. From water damage to vandalism to someone accidentally injuring himself at your home, homeowners insurance has many applications. The right home insurance cover will help you in recovering livelihood of your life time in case of any mishap.

A natural disaster or accident that may destroy or damage homes severely could lead to huge rebuilding or repair costs that people may not be able to afford at all. Home insurance also provides protection from any liability and legal responsibility for damage or injury your property, you or any member of your family including pets may cause to others.

You should therefore opt for the right home insurance that fits in your home budget. Your home insurance policy can also include cover for expensive personal belongings such as jewellery, cash, expensive electronic gadgets and appliances.

Cover

You can choose to buy insurance for only the building (structure) of your home, or only the contents (belongings) or both.
The following fire and special perils are covered:

• Fire
• Lightning
• Impact Damage
• Aircraft damage
• Explosion / implosion
• Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
• Riot, Strike, Malicious Damage
• Landslide including Rockslide
• Bursting and/or overflowing of water tanks, apparatus and pipes
• Missile testing operations
• Leakage from automatic sprinkler installations
• Bush Fire

Earthquake Cover

Under the earthquake cover, the policy covers loss or damage (including loss or damage by fire) to any of the property Insured by this policy occasioned by earthquake including Landslide / Rockslide resulting therefrom but excluding flood or overflow of the sea, lakes, reservoirs and rivers caused by Earthquake. Sum Insured for this cover is identical to the Sum Insured against the risk covered under main policy except for the value of the plinth and foundations of the building(s)

Burglary cover and theft cover(only for contents)

The contents of your home are also covered against loss due to burglary or theft or an attempted burglary. It also covers loss of jewellery, silver articles and precious stones kept

under lock and key, up to 25% of the total content sum insured or 1 Lakh, whichever is lower. Jewellery, silver articles and precious stones are only covered for Burglary cover and not for Theft.

Optional covers

Terrorism Cover: Covers any damages and losses to the structure and / or contents of your home due to acts of terrorism.

Additional expenses of rent for alternative accommodation: If you are forced to shift into an alternative accommodation because your home is destroyed or damaged by any insured peril, the policy will cover you against the additional rent. The maximum coverage is up to Rs.1 Lakh for up to 6 months. This cover is available only if you are insuring the structure of your home.

Motor Insurance

Motor insurance is one of the few compulsory forms of insurance in India.

Motor insurance broadly covers two-wheelers like scooters and motorbikes, three-wheelers or four wheelers for private use and commercial vehicles.  

Car Insurance

This is one of the fastest growing segments in the insurance sectors. Most car manufacturers have tie-ups with leading insurance companies to provide quick insurance to its customers. Apart from being a legal compulsion, car insurance enables you to safeguard against loss or damage to your car due to an accident, theft, fire, earthquake, floods, strike, riots etc. On payment of appropriate additional premium it covers loss or damage to electrical or electronic accessories and other significant items.

Two Wheelers Insurance

Two wheeler insurance is another fast growing segment in the insurance sector. It is mandatory to take an insurance for your two-wheeler. 

This insurance provides protection against natural and man made calamities including fire, rockslide, landslide, storm, hurricane, flood, earthquake, burglary, theft, riots or any damage caused to the vehicle in transit by road, air, inland waterway or rail. 

Two wheeler insurance provides mandatory personal accident cover of Rs. 1 lakh to the insurer. This accident cover can also be chosen for passengers. It also protects against legal liabilities arising due to third party injury/death or damage caused to its property.

Commercial Vehicle Insurance

This type of insurance covers all vehicles which are not used for personal purpose including trucks, buses, heavy commercial vehicles, light commercial vehicles, multi utility vehicles, agricultural vehicles, ambulances etc. It covers loss or damage by accident, fire, lightning, riots, earth quake, hurricane, terrorist attacks, explosion, theft, third party claims and damages (like liability for third party injury or death, third party property and liability to paid driver). 

The premium is calculated on the basis of the make and model of the commercial vehicle, place of registration, year of manufacture, current showroom price and whether the insurer is individual or corporate. 

Most vehicle manufacturers have tie-ups with leading insurance companies to provide different kinds of easy and comprehensive plans for safe and easy insurance policies.

Life Insurance

There are quite a few things in life that the average household can live without, but life insurance should not be one of them. The importance of life insurance increases as the number of people in a household increases. A single person with few, if any, close relations can get by on a very little life insurance or perhaps no insurance at all. 

The main reason people consider buying life insurance is to protect the people they leave behind. Having coverage in place is especially important during the policyholder’s main earning years. Life insurance is a way to protect your family against possible financial trouble or even ruin, depending on your circumstances. Life insurance is also a way to relieve some of the anxiety that family members may feel as they wonder how they will get by should a breadwinner in the family pass on. Some forms of life insurance can even be used as a means of saving money over the long term.

Solution

It is important for you to understand that "life insurance" is a very broad term. There are various types of policies and often one will be a far better option for a particular family or person than another might be for that same family or person. You should be insured for at least 100 times your monthly income, according to experts. 

A Term Life Insurance plan is the best way to secure the family financially. Term Plans are affordable and allow a person to adequate Sum Assured.

Cover

• High cover at very low cost
• Tax benefits under section 80(C)
• Covers all forms of death
• Includes terrorism attack
• Choose from 5-35 years Policy Term
• No medical upto Age 45 years
• Tax Benefits Available
• Special benefits to women
• Minimum premiums
• Life cover from Rs 10 lakhs to Rs 10 crore!
• Life insurance also acts as a flexible money-saving scheme, which empowers you to accumulate wealth-to buy a new car, get your children married and even retire comfortably
• Life insurance also triples up as an ideal tax-saving scheme
• ULIPs are a category of goal-based financial solutions that combine the safety of insurance protection with wealth creation opportunities. In ULIPs, a part of the investment goes towards providing you life cover. The residual portion of the ULIP is invested in a fund which in turn invests in stocks or bonds

Health Insurance

Risk

Illness strikes when you least expect it. But who saves for an ailment? There can be no room for compromise when it comes to insuring your health or that of your family. While many of us insure our homes, vehicles, children’s education etc we do not often insure our health! Health insurance is particularly critical if you are self-employed or do not participate in your employer-sponsored health care plans. Medical costs are becoming increasingly expensive along with the advances in medical technology and diagnostic tools.

Solution

There are various insurance schemes that provide you with a cushion of support to take care of medical expenses as and when they arise. Broadly speaking, health insurance is available for an individual or as a family floater designed for a nuclear family’s health insurance needs. This plan enables you to cover your immediate family (you, your spouse and up to 2 children). There are also plans designed for the unique needs of the Indian Joint Family. It allows you to cover not just your spouse and kids but each and every member of your family.

The Cover

• 2 year Policy Tenure Option
• 24/7 Healthline This facility has been put in place to offer you access to health advice when you need it.
• All Day Care Procedures Covered: Expenses on Hospitalization for a minimum period of 24 hours are admissible. 
• Assured Plan Renewal for Life  
• Cashless facility You can access cashless facility at quality hospitals near you.
• Quicker Claim Settlement
• Domiciliary Treatment : We pay for medical treatment taken at home, which would otherwise have required hospitalization.
• Emergency ambulance We will cover ambulance expenses to transfer the policyholder following an emergency to the nearest hospital. 
• Free Health Check-Up once every 2 years  
• Health Relationship Programme Under this program, you are eligible for health services and products with a market value of up-to 10% of your last paid premium.
• Hospital Accommodation - Shared Room Reasonable and Customary charges for Hospital accommodation are covered.
• No age restriction for enrollment: There is no minimum or maximum age of enrollment.
• Organ transplant: We will cover Medical Expenses for an organ donor’s treatment for the harvesting of the organ donated
• Pre & Post hospitalization Medical Expenses Medical Expenses incurred due to Illness up to 30 days period immediately before you get admitted to a hospital and 60 days immediately after you get discharged from a Hospital.
• Tax Benefits

Property Insurance

The Risk

• Manufacturing Units, Warehouses, Shops, Offices, Hotels, Schools, Hotels, Hospitals, Offices, Residential or Commercial complexes could be exposed to loss or damage due to innumerable risks such as natural catastrophes, Fire, Burglary, theft etc.

The Solution

• The core coverages offered are Fire & Allied Perils Insurance and Fire Consequential Loss Insurance. Package policies against risks of Burglary, Money, Employee Infidelity, All Risk Insurance (for portable equipment), Plate Glass and Travel Baggage Covers etc. can also be covered.

The Cover

Standard Fire and Special Perils

• Perils insured are fire, lightning, explosion / implosion, impact damage, aircraft impact, bursting / overflowing of water tanks / pipes / apparatus, sprinkler leakage, storm, cyclone, typhoon, hurricane, tempest, tornado, flood, inundation, subsidence, landslide including rock slide, riots, strikes, malicious damage, missile testing operations. Other perils which can be insured as add-on covers are Earthquake cover, Terrorism cover, removal of debris, spontaneous combustion etc.

Consequential Loss of Profit

• This policy covers loss of profits of a business due to reduction in the turnover caused by a loss or damage covered in the Standard Fire Policy. This insurance includes cover for Increased Cost of Working following the loss of Standing Charges.

Burglary Insurance

• To the insured’s premises or contents caused by actual or attempted burglary/robbery (excluding valuables unless specifically insured).

Money in Transit

• Loss of money in transit to the specified destinations against robbery, theft or any other unfortunate event. Transit for the purpose of this Policy commences with the taking over of the money for the purpose of transit and ends as soon as the money reaches the place of delivery.
• Money in Safe
• Help Desk
• Loss of money in kept in safe which have to be paid as salaries towards employees or petty cash kept in safe.

Fidelity Insurance

• Any direct pecuniary loss caused by the act of fraud or dishonesty committed by any salaried person employed by the insured during the course of the business provided:
• Breakdown of Appliances
• This section covers breakdown of any business appliances such as photocopying machine, deep freezers, Money Counting Machines, AC’s, etc. solely as a result of electrical or mechanical breakdown.
• Breakdown of Electronic Appliances
• This is an ALL RISK COVER and losses or damages due to any cause other than those specifically excluded are covered.

Liability Insurance

The Risk

• The roles of company directors and officers have become more demanding because of the increasingly challenging responsibilities, regulatory requirements and pressures of litigation
• These officials carry personal responsibility and liability for their acts and omissions

Solution

• Liability Insurance can help protect directors and officers against the financial burden of litigation, damage to their reputation and loss of personal assets.
• Cover for legal costs and expenses is important as litigation involving company directors and officers is often difficult to deal with and costly.
• Liability Insurance provides company directors and officers with the confidence to deal with the challenges of business.

Cover

• This policy protects company directors and officers against liability for their wrongful act or omission committed in their capacity as company directors or officers, including but not limited to:
• Negligence
• Wrongful misrepresentation
• Breach of trust
• Breach of fiduciary duty
• Breach of warranty of authority
• Unlawful default including: out-of-court settlements; defence costs and expenses, and compensatory damages awarded against the company directors and officer; costs of appointing legal expertise

Important Note

The details furnished above are only a summary of product features and do not describe the entire terms, conditions and exclusions on the Policy. For further details or clarifications on the Policy contact Futurisk officials or call: 1800-1034-569

Employee Benefits

Group Personal Accident Insurance

The Risk

• In today's fast-changing world the chances of bodily injury due to accident has increased by leaps and bounds.
• Bodily injury of the bread earner resulting in death or disablement may prove particularly distressing for the dependants and family members.

The Solution

• To protect the dependants and the family members from such a scenario, protection under Group Personal Accident Policy is available.

The Cover

• The policy kicks into action and pays compensation in case of death or bodily injury to the insured member of the group due to an accident.
• Various options are available under this policy ranging from cover for death due to accident, permanent partial disablement to temporary total disablement etc.
• The compensation varies for death, permanent disablement and temporary disablement. Though, it is difficult to put a value on human life, to avoid any misuse of the policy, the Sum Insured depends on the Income of the person/ member of the group.

Futurisk Advantage

• Single point Contact
• Service Level Agreement
• Help Desk
• Periodic Review Meetings
• Fortnightly distribution of cards to new members
• Support in quick settlement of claims
• Monthly premium Accounting Statement
• Monthly Claim status MIS
• Corporate Wellness Programme

For more employee benefits click here