The sight of skidded cars and
bikes after a drizzle last week was a grim reminder that monsoon is also a
season of mishaps and illnesses. Despite knowing this, chances are that you may
miss one item in your regular monsoon checklist — insurance covers. You can
always take precautions to avoid or minimise the damage, but what if adisaster
strikes despite all efforts?
Only an insurance cover can
mitigate your financial losses in such a situation. It is prudent to use this
monsoon to review your insurance needs. Some of the covers that you opt to buy
this monsoon, will start only after a waiting period of, say, 30 days. But,
that shouldn't deter you from buying them, say experts.
Rain or shine, you must have a
health cover. In fact, you should even get it for all the family members.
"Basic hospitalisation indemnity plan accompanied by personal accident and
hospital cash covers are essential during the monsoons.
It is also necessary to take
care of any illness-related exigency such as gastroenteritis and enteric
fevers, which arise mainly during the rainy season," says Renuka Kanvinde,
assistant VP, health insurance, Bajaj Allianz. You may not able to claim for
illnesses immediately.
"When it comes to healthinsurance, standard exclusions such as 30-day waiting period for all conditions
except accidents, pre-existing conditions, cosmetic treatments etc would
apply." Acquaint yourself with co-payments, room rent restrictions and
disease-wise capping in the policies.
Personal accident cover is
another must for earning members of all age groups, say advisors. It covers
treatment expenses related to accident, and offers compensation if the
policyholder suffers from disabilities or succumbs to the injuries. "Apart
from risks that slippery roads pose individuals undertaking activities like
rafting during rains also expose them to dangers, and hence, a personal
accident cover is a must. In fact, every earning member of a family must buy
this cover," says KK Mishra, MD & CEO, Tata-AIG General.
However, do compare the policy
features offered by various insurers before buying one. Opt for comprehensive
covers that offer compensation for permanent partial and temporary total
disabilities too, along with permanent total and partial disabilities and death
A home insurance will help in
case the structure or contents are damaged due to flooding, inundation, storm,
cloud burst, lightening and so on. "It can be of help in a city like
Mumbai where water-logging occurs quite often during monsoons.
You should go for comprehensive
home insurance cover instead of limiting it to just fire and theft," says
Mishra. However, go through the fine print carefully before signing up.
"It is important to be aware that rain water damages are not covered under
fire and home insurance policy," says Arvind Laddha, CEO, Vantage Insurance
Brokers.
"You must have motor
insurance cover that takes care of all sorts of damages, since your vehicle is
more prone to damages during rains," says Vijay Kumar, chief technical
officer, motor insurance, Bajaj Allianz General. "Though the basic motor
insurance plans will cover the damages on the body and other outer equipment of
the car, there are some claims that are not payable under the basic motor
insurance policy.
Source: The Economic Times
Dated:
12/06/2014