General Insurance

Motor

Third party Insurance

Car accidents come unannounced and may sometimes prove fatal. But besides the potential harm they may cause to life, they also bring considerable damage to the vehicle in use. This is why it is equally important to safeguard both life and your car to prevent maximum damage in cases like these. For you, there is life and health insurance, and for the protection of your car, there is third–party insurance for cars.

Third-party car insurance is a cover to protect you (the car owner) against any major liability during a car accident. These may include injuries to a third person or damage to a third-party property. In the unforeseen event of an accident involving your car and a third-party person or property, you may turn to third-party insurance, meaning your insurance company will compensate you for repair and/or hospitalization costs that you may need to incur for the third party.

Comprehensive

In today’ times of high vehicle density, the likelihood of a mishap too increases significantly. In such a scenario, having a car insurance is important. It will help to protect yourself from heavy repair bills in the unfortunate case of an accident, man-made, or natural disaster. While the legal mandate is to have a third-party coverage as the bare minimum, it will be a smart idea to opt for comprehensive coverage. In third-party insurance, the coverage is only for damages to third-party property or injury to the other person involved with you in an accident. This means that for repairs to damage to your own car, you would have to foot the bill.

However, with a comprehensive car insurance policy, you get better level of protection. You are covered not only for third-party damage, but also for own damage. Additionally, other calamities (both natural and man-made) like theft, fire, road accidents and natural disasters too get covered under a comp insurance, but not in a third-party insurance. This way, a comprehensive car insurance policy is the best package to provide all-round protection to your vehicle.

Own damage (OD)

The own damage insurance for car is one that covers the damages suffered by the car itself. If the car is damaged due to natural or man-made causes or if it is stolen, the car own damage insurance cover would cover the financial loss suffered by the car owner and pay a claim.

Property Insurance

Property insurance is a type of policy that provides financial protection to individuals, businesses, or organizations against risks associated with physical assets. In India, it covers a wide range of properties, including residential homes, commercial buildings, industrial facilities, and personal belongings, against damages or losses caused by unforeseen events like fire, theft, natural disasters, and man-made hazards.

Key Features of Property Insurance:

1. Coverage Against Natural Disasters - Protects against losses due to natural calamities like earthquakes, floods, cyclones, and storms.
2. Protection against Fire and Explosion - Covers damage to property caused by fire, lightning, and explosions.
3. Theft and Burglary Protection - Compensates for loss or damage to property due to theft, burglary, or attempted robbery.
4. Coverage for Man-Made Risks - Includes protection against riots, strikes, malicious damage, and acts of terrorism.
5. Coverage for Accidental Damage - Provides compensation for accidental damage to the insured property.
6. Optional Add-ons
   • Loss of Rent: Covers loss of rental income if the property becomes uninhabitable.
   • Alternative Accommodation: Pays for temporary housing if the insured property is unfit for living.
   • Valuable Contents: Protects personal items like jewelry, electronics, and artwork.
7. Allied Perils - Includes damages due to water leakage, pipe bursts, or electrical failures (based on policy terms).

Types of Property Insurance in India -

1. Home Insurance
   • Covers residential properties, including the structure and contents.
2. Shop Insurance
   • Protects small businesses or retail shops against damage to goods, furniture, and property.
3. Office Insurance
   • Designed for office spaces, covering equipment, furniture, and legal liabilities.
4. Industrial/Factory Insurance
   • Covers factories and industrial establishments, including machinery and stock-in-trade.
5. Building Insurance
   • Provides coverage for residential or commercial building structures.

Key Benefits of Property Insurance -

1. Financial Security
   • Protects against significant financial losses due to damage or destruction of property.
2. Comprehensive Coverage
   • Covers a wide range of risks, including natural and man-made disasters.
3. Affordable Premiums
   • Various plans available to suit different budgets, ensuring accessible protection.
4. Peace of Mind
   • Ensures confidence and security, knowing your property and belongings are safeguarded.
5. Customized Plans
   • Tailored coverage based on the type of property, its use, and specific requirements.
6. Business Continuity
   • For commercial properties, ensures the continuity of operations by covering financial losses due to property damage.

Marine Insurance

Marine insurance is a type of policy designed to cover losses or damages related to the transportation of goods, cargo, and ships across various modes such as sea, air, and land. It provides financial protection against risks encountered during transit, ensuring the safety of goods and vessels involved in domestic or international trade.

Key Features of Marine Insurance:

1. Coverage for Goods in Transit
   • Insures goods against loss or damage during transportation by sea, air, or land.
2. Hull and Machinery Coverage
   • Protects ships, vessels, and their machinery from damages caused by perils of the sea or other navigational risks.
3. Third-Party Liability
   • Covers legal liabilities arising from damage to third-party property or injury/death caused by the insured vessel.
4. Wide Range of Perils Covered
   • Includes risks like fire, explosion, piracy, collisions, natural disasters, and jettison (intentional throwing of cargo overboard to save the vessel).
5. Specific Voyage or Time-Based Coverage
   • Policies can be tailored for a single voyage, multiple trips, or a fixed period (e.g., annual cover).
6. Customizable Add-Ons
   • Options like war risk cover, strike cover, and loss of freight or profits can be added to the policy.

Types of Marine Insurance in India:

1. Cargo Insurance
   • Covers goods being transported across various modes.
   • Export & Import Insurance: For international trade.
   • Inland Transit Insurance: For goods transported within the country.
2. Hull Insurance
   • Insures the ship or vessel, including its machinery and equipment.
3. Freight Insurance
   • Protects against loss of freight revenue if the goods are damaged or lost.
4. Liability Insurance
   • Covers liabilities arising from third-party claims due to accidents or damage caused by the insured vessel.
5. Marine Inland Insurance
   • Specifically for goods transported by road or rail within a country.

Key Benefits of Marine Insurance:

1. Comprehensive Coverage
   • Protects against a wide array of risks, ensuring safe and secure transportation.
2. Financial Protection
   • Minimizes financial losses due to unforeseen events during transit or at sea.
3. Facilitates Trade Operations
   • Helps businesses manage risks in domestic and international trade efficiently.
4. Customizable Policies
   • Offers flexibility to tailor coverage based on specific trade or transportation needs.
5. Risk Mitigation for Ship-owners and Traders
   • Ensures protection for both ship-owners (hull insurance) and traders (cargo insurance).
6. Legal Compliance
   • Meets the regulatory requirements for marine transportation, especially in international trade.
7. Peace of Mind
   • Ensures smooth business operations by reducing uncertainties related to transit risks.

Project Insurance

Project insurance is a comprehensive policy designed to provide financial protection for various risks associated with construction, infrastructure, and engineering projects. It offers coverage for damages or losses arising during the planning, construction, and operational phases of a project. This type of policy is essential for large-scale projects such as buildings, roads, bridges, power plants, and industrial installations.

Key Features of Project Insurance:

1. All-Risk Coverage
   • Provides protection against a wide range of risks, including natural disasters, accidents, and human errors during the construction phase.
2. Third-Party Liability
   • Covers legal liabilities arising from third-party injuries, fatalities, or property damage caused by the project activities.
3. Delay in Start-Up (DSU) Coverage
   • Compensates for financial losses due to delays in project completion caused by insured risks.
4. Coverage for Different Phases
   • Includes protection during various project phases, from design and construction to operational testing and handover.
5. Protection for Project Assets
   • Covers materials, equipment, and machinery used in the project against theft, damage, or loss.
6. Customizable Add-Ons
   • Options like professional indemnity, worker compensation, and coverage for advanced loss of profits (ALOP).

Types of Project Insurance Policies in India:

1. Contractor’s All Risk (CAR) Insurance
   • Covers construction projects, including damages to the project site and third-party liabilities.
2. Erection All Risk (EAR) Insurance
   • Designed for installation and erection projects like power plants, machinery, and industrial facilities.
3. Builders’ Risk Insurance
   • Focuses on insuring buildings under construction against risks like fire, theft, and weather-related damages.
4. Machinery Breakdown Insurance
   • Covers losses due to unexpected machinery breakdown during the project.
5. Professional Indemnity Insurance
   • Protects against claims arising from errors or negligence in the design or consulting phases.

Key Benefits of Project Insurance

1. Comprehensive Risk Management
   • Offers protection against multiple risks, ensuring smooth project execution.
2. Financial Security
   • Minimizes financial setbacks by compensating for losses or damages.
3. Legal Liability Protection
   • Covers legal costs and compensation for third-party claims.
4. Ensures Project Continuity
   • Provides funds for repairing or replacing damaged property, preventing project delays.
5. Customized Coverage
   • Policies can be tailored to meet the specific needs of different projects.
6. Compliance with Contractual Obligations
   • Meets insurance requirements often mandated in project contracts and agreements.
7. Peace of Mind for Stakeholders
   • Provides confidence to project owners, contractors, and financiers by mitigating potential risks.

Agriculture Insurance

Agriculture insurance is a specialized policy designed to protect farmers against financial losses arising from unpredictable natural events and risks associated with farming. In India, agriculture insurance plays a crucial role in safeguarding farmers' livelihoods by covering crops, livestock, and other farming-related assets. The government, in collaboration with insurance providers, offers various schemes to promote the well-being of farmers.

Key Features of Agriculture Insurance in India:

1. Coverage for Crop Loss
   • Protects against loss or damage to crops due to natural calamities like drought, floods, cyclones, hailstorms, and pest attacks.
2. Livestock and Poultry Insurance
   • Covers financial losses due to the death or illness of livestock and poultry caused by diseases or accidents.
3. Weather-Based Insurance
   • Provides compensation based on adverse weather conditions like extreme rainfall, temperature, or humidity, which impact crop yield.
4. Comprehensive Coverage Options
   • Policies may include coverage for farm machinery, greenhouse structures, and aquaculture activities.

Key Benefits of Agriculture Insurance:

1. Financial Protection
   • Minimizes the financial impact of crop failure or livestock loss, ensuring the farmer’s livelihood is protected.
2. Encourages Investment in Agriculture
   • Promotes the use of modern farming techniques and inputs by reducing the risk of financial loss.
3. Stabilizes Farmer Income
   • Ensures stable income even in adverse conditions, supporting the farmer's family and operations.
4. Supports Risk Management
   • Empowers farmers to manage risks effectively and continue farming despite losses.
5. Boosts Creditworthiness
   • Insured farmers are more likely to secure agricultural loans, as the risk to lenders is reduced.
6. Promotes Sustainable Agriculture
   • Encourages farmers to adopt sustainable practices with reduced fear of loss due to unpredictable events.
7. Government Support
   • Subsidies make these policies affordable and accessible to small and marginal farmers.

Workmen Compensation

Workmen Compensation Insurance, also known as Employers' Liability Insurance, is a policy that provides financial protection to employers by covering their statutory liability towards workers in case of injuries, disabilities, or fatalities arising out of and during the course of employment. It is governed by the Employees' Compensation Act, 1923, and ensures that workers receive compensation for workplace-related risks.

Key Features of Workmen Compensation Insurance:

1. Coverage for Workplace Injuries
   • Covers medical expenses, rehabilitation costs, and compensation for injuries sustained at the workplace or during work-related activities.
2. Disability Compensation
   • Provides compensation for temporary or permanent disabilities (partial or total) resulting from workplace accidents.
3. Death Benefits
   • Offers financial compensation to the dependents of a worker in case of death due to work-related incidents.
4. Occupational Diseases
   • Covers diseases that workers may contract due to the nature of their work, such as lung diseases in mining or chemical industries.
5. Legal Liability
   • Covers the employer’s legal liabilities as per the Employees' Compensation Act, 1923, or as directed by the court.
6. No-Fault Compensation
   • Workers are compensated irrespective of who is at fault for the accident or injury.
7. Customizable Coverage
   • Policies can be tailored to cover specific risks based on the type of industry or nature of employment.

Key Benefits of Workmen Compensation Insurance:

1. Financial Security for Workers
   • Provides immediate financial assistance to injured employees or their families, reducing their economic burden.
2. Compliance with Legal Requirements
   • Ensures employers meet statutory obligations under the Employees' Compensation Act, 1923.
3. Peace of Mind for Employers
   • Protects employers from significant financial liabilities and legal disputes arising from workplace accidents.
4. Medical Expense Coverage
   • Covers the cost of medical treatment, hospitalization, and rehabilitation for injured employees.
5. Disability and Death Benefits
   • Ensures long-term financial support for workers who suffer permanent disabilities and for the families of deceased workers.
6. Improves Employer-Employee Relations
   • Demonstrates the employer's commitment to the well-being of their workers, fostering trust and goodwill.
7. Customizable Premiums
   • Premiums are determined based on the size of the workforce, type of industry, and level of risk, offering flexibility to employers.

Shop-keepers Insurance

Shopkeepers Insurance is a comprehensive policy designed specifically for small to medium-sized retail businesses. It provides protection against a wide range of risks, including damage to the shop's structure, contents, and liabilities arising from business operations. This policy is tailored to safeguard shopkeepers from financial losses due to unforeseen events, ensuring the continuity of their business.

Key Features of Shopkeepers Insurance:

1. Coverage for Shop Structure
   • Protects the physical structure of the shop from risks like fire, earthquakes, floods, and other natural or man-made calamities.
2. Protection for Contents
   • Covers loss or damage to furniture, fixtures, equipment, and stock-in-trade due to insured perils.
3. Burglary and Theft Coverage
   • Provides compensation for losses due to burglary, theft, or robbery of stock and other valuable items.
4. Cash-in-Safe and Cash-in-Transit
   • Covers loss of cash stored in a safe within the shop or while in transit to or from the shop.
5. Public Liability
   • Covers legal liabilities arising from third-party injuries or property damage due to business operations.
6. Personal Accident Cover
   • Provides financial assistance in case of accidental injury or death of the shop owner or employees while on duty.
7. Employee Welfare
   • Includes coverage for employees against workplace accidents or injuries.
8. Optional Add-ons
   • Coverage for electronic equipment, glass breakage, and temporary accommodation expenses in case of major damages.

Key Benefits of Shopkeepers Insurance:

1. Comprehensive Protection
   • Offers a single policy covering multiple risks associated with running a shop.
2. Financial Security
   • Reduces financial burden by compensating for losses due to unforeseen events.
3. Business Continuity
   • Ensures that the shop can resume operations quickly after a loss, minimizing downtime.
4. Affordable Premiums
   • Designed to be cost-effective, with customizable options to suit the budget and needs of small businesses.
5. Legal Compliance
   • Covers liabilities, helping shop owners comply with legal obligations in case of third-party claims.
6. Peace of Mind
   • Allows shopkeepers to focus on growing their business without worrying about unexpected financial risks.
7. Easy Claim Process
   • Streamlined claims settlement ensures quick financial relief when needed.