Insurance
What would you like us to insure?
Personal Accident Insurance
Household Insurance Policy
Motor Insurance
Health Insurance
Life Insurance
Fire Insurance
Travel Insurance
Pet Insurance
Shield Insurance
Personal Accident Insurance
Personal Accident Policy Covers:
Death:
- If a person dies due to an accident, the risk is covered under the personal accident policy. His legal heirs are entitled to receive the sum insured.
Disability:
- Disability under personal accident insurance can be classified as follows:
Permanent Total Disability (PTD):
PTD is a permanent, irrecoverable, and total disability where the insured cannot engage in any gainful employment. Compensation equals the sum insured. Examples of PTD include:
- Loss of sight in both eyes
- Physical separation of both hands or both feet
- Loss of one hand and one foot
- Coma for an extended period
- Paralysis
Permanent Total Disability (PTD):
PPD is a partial disability. For example, loss of a toe or finger. Compensation is based on the percentage of disability as defined in the policy or by a doctor’s certificate if not predefined.
Permanent Total Disability (PTD):
TTD is a total but temporary disability. The duration can range from days to years. Payments are made weekly.
Permanent Total Disability (PTD):
In case of death or permanent disablement of the insured, the insurance company also covers the education expenses for two children below 25 years of age.
Household Insurance Policy
The most popular domestic insurance cover available in India is the Householders’ Insurance policy. For an average Indian, a home is a cherished possession, monetarily and sentimentally valued. Any loss or damage can cause financial and emotional strain. Household insurance mitigates financial losses due to risks like fire, theft, natural disasters, breakdown of appliances, and personal liabilities.
Risks Covered:
- Household Contents & Building (Fire and Allied Perils)
- Household Contents (Burglary, Housebreaking, and Theft)
- Jewelry and Valuables
- Plate Glass
- Breakdown of Domestic Appliances
- Television
- Pedal Cycle
- Baggage
- Personal Accident
- Third Party Legal Liability & Workmen’s Compensation
Motor Insurance
Motor insurance is mandatory in India. No vehicle can be driven without it. Motor insurance covers financial risks involved in owning/operating a car, including damages, accidents, loss, or theft. Under the Motor Vehicles Act, all vehicles operating in public places must have at least third-party liability coverage.
Personal Accident Policy Covers:
Third Party Liability Coverage:
- This covers only third-party damages in an accident in a public place, for which the owner is liable.
Comprehensive Plan:
- This plan covers both third-party liability and the owner’s damages.
Important Points to Remember:
- A policy is valid for exactly one year from midnight of the premium payment date.
- Renew the policy well in advance, as there is no grace period, and the fine for driving without insurance is severe.
- A policy is renewed from the day the premium cheque is posted by the bank, so obtaining a receipt from the bank is advisable.
- Inform the insurance company within 14 days when purchasing a new vehicle to transfer the policy. Similarly, inform the company when selling a vehicle.
- A vehicle owner is eligible for a no-claim bonus, which can be adjusted against the premium of a new vehicle, provided it is purchased within three years of selling the previous one.
HEALTH INSURANCE
Understanding the Importance of Health Insurance with Asset Avvenue
- In today's world, medical costs are spiraling out of control, and lifestyle diseases are on the rise. Healthcare expenses have reached an all-time high, making it crucial to protect your health without depleting your hard-earned savings. A health insurance plan provides peace of mind, ensuring that you can use your savings for life's important milestones, such as your child's education, their dream wedding, a well-deserved family vacation, or any other dreams you've nurtured.
Why Choose Health Insurance?
- Health insurance is essential for safeguarding your finances against unforeseen medical expenses. In the event of an illness, without health insurance, you might have to dip into your savings, potentially jeopardizing your financial goals.
Benefits of Health Insurance:
Financial Protection:
- Covers the high costs of medical treatments, preventing you from using your savings.
Peace of Mind:
- Ensures you can focus on recovery without worrying about medical bills.
Access to Quality Healthcare:
- Enables you to seek timely and appropriate medical care without financial strain.
Family Health Insurance:
- For those with a family, a family floater health insurance plan is recommended over individual policies. A family floater plan offers a higher sum assured for the entire family at a lower premium. The likelihood of all family members needing hospitalization simultaneously is low, making this a cost-effective and comprehensive option.
Why Have Your Own Health Insurance?
- Even if your employer provides group medical insurance, it is wise to have your own health cover. Job changes or retirement can leave you without health insurance, and obtaining a new policy after the age of 45 can be challenging and more expensive. Having a personal health insurance policy ensures continuous coverage regardless of your employment status.
Life Insurance
Understanding Life Insurance
Looking to invest in a life insurance product but unsure of how it works? This page aims to provide a comprehensive understanding of life insurance and guide you in choosing the best product for your needs at every stage of life.
What is Life Insurance?
- Life insurance is a contract between you and an insurance company where you pay premiums in exchange for a lump sum payment, known as death benefits, to your nominees or beneficiaries upon your death. It serves as financial protection for your loved ones in the event of your passing.
Key Benefits of Life Insurance:
Financial Security:
- Provides a lump sum payout to beneficiaries, ensuring they have financial stability.
Wealth Accumulation:
- Some policies offer investment opportunities, helping you build wealth over time.
Tailored Coverage:
- Different types of life insurance cater to various life stages and needs, offering customizable options.
Peace of Mind:
- Knowing your loved ones are financially protected allows you to focus on other aspects of life without worry.
Life Insurance for Different Life Stages:
Single Individuals:
- Even if you don't have immediate dependents, life insurance can cover various costs and ensure your current income is protected. It serves as a safety net for unexpected expenses and future financial needs.
Families:
- For families, life insurance is crucial to mitigate the financial impact of losing a primary breadwinner. It covers ongoing expenses such as rent, childcare, and loans, preventing your loved ones from facing immediate financial hardships.