Nowadays, Insurance is not a luxury but a necessity. You can buy insurance for your life, home, health, motor and home loan too. What about your personal irreplaceable assets, have you ever thought of insuring them? You might ask what is more important than your health, car or house? But there are more valuable assets, you may have forgotten. Or maybe you never thought of insuring these assets?
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What if you are a singer and something happens to your voice? What if you are a tennis player and you break your hand? And what if you love your smile or your pet, and something happens to them? Ah, that is why you should be aware of the following uncommon insurances:
Ideally, body part insurance covers risks or serious injury to the insured part in case it gets damaged, resulting in a loss of earnings. You are also covered for medical treatment.
What should you know about Body Part Insurance?
1. Depending on your requirements, the policy will cover any body parts right from nails to your hair.
2. There is no limit on the sum insured for this type of insurance. It can be taken for any value.
3. This policy can be renewed yearly.
4. The premium amounts are quite high.
5. It covers temporary and permanent disability of the insured body part.
Studies show that 1 in 20 professional singers face problems with their voices in any given year. They need to be checked by a throat specialist. Also, it keeps them away from work. This is absolutely worrying and stressful. It has a huge impact on their career and earnings. Therefore, having a cover to pay for private medical treatment is very important.
A Pet Insurance policy covers veterinary expenses incurred for the treatment of a pet. Some pet insurance plans cover death or loss of the insured pet.
What do you need to know about pet insurance?
1. Pet insurance plans are available for a variety of pets like dogs, cats, birds, and so on.
2. Pet insurance plans are approved by IRDA (Insurance Regulatory and Development Authority). Under this category, you find insurance like cattle insurance, insurance for your dog, horse insurance, cat insurance and so on.
3. You can insure your dog for a sum insured ranging from Rs 15,000 to Rs 30,000 depending on the breed and other factors.
4. Few pet insurance policies offer third party liability cover if your pet bites, attacks or causes damage to a third party or a property.
5. The premium on pet insurance policies amounts to 3-5% of the sum assured.
Pet Insurance Exclusions:
1. Intentional injury to the pet.
2. Injury arising out of the unskillful handling of the pet.
3. Loss or injury due to war, rebellion, military upheaval and so on.
4. Death due to rabies or Viral Hepatitis.
5. Illness existing prior to taking of the policy.
People also avail Wedding Insurance. You might wonder what would be that risky in a wedding. Well, there’s risk of losing money! It is a major reason why Wedding insurance is taken. You might have heard the phrase: ‘Big, Fat Indian Wedding’, ‘Band Baaja Baarat’, such big terms. Weddings are costly affairs. Therefore, you can avail a Wedding Insurance Plan to protect yourself against monetary losses. This covers the major risks that can disrupt your wedding.
Wedding Insurance Inclusions:
1. Cancellation or postponement of the wedding due to natural and manmade disasters including damage to property or injury or death.
2. The Personal Accident plan covers the insured for permanent disability or death in an accident.
3. If the insured doesn’t turn up for the wedding as he/she has passed away, or due to a personal injury, hospitalization and other reasons that are agreed.
4. The sum insured covers costs of the invitation cards printed, advance amounts paid to the caterer, wedding hall, decorators, hotel reservations, travel tickets and so on.
5. The Public Liability not only covers injury/death arising out of accidents at the wedding venue but also third party property damage.
Wedding Insurance Exclusions:
1. Cancellation of the wedding due to bandh or civil unrest or terrorism-related events.
2. The insured is/are kidnapped.
3. If people don’t reach the venue on time due to unavailability of transport services.
4. Death or injury to insured due to war and similar situations.
5. Self-caused injury or suicide.
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