While the COVID-19 pandemic pushed many Indians to purchase or increase their life insurance coverage, the non-life insurance penetration continues to remain around the 1% mark, underscoring the lack of financial protection necessary to support India’s growth ambitions. What’s more, most Indians are aware of only few products within the general insurance space, with health and motor insurance contributing to the lion’s share of non-life insurance policies sold in our country today. Recognising the fact that financial expenses associated with accidents and other emergencies could derail one’s life, let us explore the range of general insurance products that can offer a layer of much-needed protection that can facilitate a worry-free and healthier life.
Healthcare insurance for complete protection for your family
Accounting for more than a third of the gross direct premiums collected in the Indian non-life insurance market, consumers are increasingly lapping up health insurance products in order to secure themselves and loved ones against unforeseen medical emergencies and critical illnesses. That said, the rapid pace of digitalisation and increasing integration of emerging technologies has empowered insurers to launch highly-customisable and innovative healthcare insurance covers, thereby offering policyholders utmost flexibility and maximum protection. As a result, policyholders can now enjoy benefits like additional protection for critical illnesses like cancer, accidental hospitalisation, maternity and child care amongst others, with tailored premium payment options to suit every household budget and nuanced requirement. Additionally, with a number of group health insurance covers available to protect a group of people employed in an organisation, business owners too can ensure the complete healthcare protection of their employees at the expense of nominal premiums. With a large variety of both online and offline health insurance plans available to choose from, the time is ripe for Indians to bolster their insurance coverage and clear the way for a healthier life.
The next most popular category within the general insurance space, motor insurance has been made mandatory for all vehicles that ply on Indian roads under the Motor Vehicles Act, 1988, with the bare minimum being the availability of a liability cover that protects vehicle owners from claims made by third parties. However, with new vehicle prices and repair costs escalating due to inflationary pressures, it is essential that consumers safeguard themselves against expenses resulting from accidental damages to their vehicles. Towards this end, insurers offer different types of motor insurance policies to provide varying levels of financial protection, with a slew of add-on covers available for customers to choose from in sync with their nuanced requirements. These add-on covers are designed to support and compensate the policyholder in scenarios such as vehicle theft, loss of personal belongings, roadside assistance in case of vehicle breakdown and even accidental hospitalisation for family members if the vehicle is involved in a serious road accident. What’s more, with paperless claim intimation and instant claim processing made possible through the use of advanced technologies, vehicle owners are now assured of quick insurance support and can enjoy complete peace of mind during their vehicle ownership period.
Securing international travel with travel insurance
For frequent flyers or even those embarking on a family vacation, there are many risks that need to be accounted for when planning an international travel. These include emergency hospitalisation for pre-existing diseases, medical expenses emanating from sickness or diseases contracted during travel, loss of luggage or personal belongings and even missed flights due to unforeseen changes in weather conditions. All of these situations could result in hefty financial implications, deeming it essential to cover against financial risks arising from such circumstances. Thankfully, there are many travel insurance options available for single trips or even multiple trips within a specified time period, with daily rated plans also available when travelling in large groups to popular international destinations. Many insurers offer destination-specific travel insurance packages, taking into consideration the various risks specific to each location and designing a tailored cover at the most affordable premiums. Thus, at the expense of a nominal premium, international travellers can protect themselves against a wide spectrum of risks, affording them a safe and secure travelling experience that can be cherished for years to come.
>> Travel insurance: How to decode policy fine print
(The author of the article is Mr. Sharad Mathur, Managing Director & Chief Executive Officer, Universal Sompo General Insurance Company Ltd)
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Published: 07 Apr 2024, 04:50 PM IST