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Revisit your necessary insurance covers this monsoon season – Here’s why

19-Aug-2021

Recently, disease-specific plans have been developed to provide the most customized health insurance services for the monsoon season, which has tailored benefits related to the vector-borne disease. It also gives affordability to customers in terms of buying the insurance policy.

Though Monsoon occupies a special place in everyone’s heart, there is no denying the fact that monsoons can get troublesome at times. From waterlogging to heavy rainfall to landslides, people can encounter a host of problems during the monsoon season.

Health, home, and motor insurance are the most important – the three insurance categories hold a substantial value during the monsoon season.

Experts say there are times when people tend to forget that some of the problems they face are covered under their insurance policy.

To start with, vehicles can be subjected to water damage, and sometimes even a total loss. Northern India faces a lot of landslides; the recent landslide in Himachal Pradesh due to incessant rain is evidence of how monsoon can cause unforeseen damage to life and property. Health insurance to is equally important as monsoons can lead to seasonal health risks, vector-borne diseases, viral infections, sometimes leading to hospitalization.

Here are some tips for health, motor, and home insurance, specific to monsoon;

Health Insurance: Considering, we are at the onset of the third wave of Covid, Chatterjee says, “it is always advisable to have comprehensive health insurance for family security. Vector-borne diseases, which are the most common during monsoons, are usually covered in all comprehensive health insurance plans. One can also buy standalone plans for vector-borne diseases which are available at prices lower than comprehensive health insurance plans and specifically cater to vector-borne illnesses.

Note that, disease-specific plans protect a person from vector-borne diseases like dengue, malaria (infection cover), and some non-communicable diseases. It provides policyholders with diagnostic investigation coverage, outpatient doctor visit or post-hospitalization follow-up coverage, and ambulance coverage. Some plans also provide additional benefits, in case of serious deterioration in health that necessitates ICU admission. There are also benefits such as ‘No Claim Bonus’ and ‘Global coverage’. It also excludes the lengthy waiting period required by traditional insurance to pay for the specified health conditions under a comprehensive health insurance plan.

Chatterjee adds, “Recently, disease-specific plans have been developed to provide the most customized health insurance services for the monsoon season, which has tailored benefits related to the vector-borne disease. It also gives affordability to customers in terms of buying the insurance policy.”

Motor Insurance: A comprehensive motor insurance policy helps one protect their vehicles during any kind of natural calamity, the chances of which are highest during monsoons.

Chatterjee says, “Even though motor insurance is mandatory and vehicle owners are expected to have a ‘Third-party liability’ motor cover, the major issue with this cover is that it does not offer protection against damages caused by natural calamities. Whether a person is moving on the road, or the vehicle is at a parking area, the vehicle is always at risk.”

He further adds, “A comprehensive policy is always suggested which can protect one’s vehicles, not only when the vehicle is at the parking area, but also from natural disasters like fire, falling objects, theft, civil disturbances, and vandalism.”

In comprehensive motor insurance cover, the amount insurers pay, depends on the age of the car, and the car’s insurance declared value. All companies except a few cover add-ons till 5 years, some insurance companies also cover till 10 years.

Home Insurance: Home insurance covers all the contents of a house as well as properties. Despite the best security measures, experts say only an insurance policy can help a person from the risk of thefts and damages due to fire and other monsoon-based natural disasters.

Chatterjee adds, “There are lots of factors that should be considered while determining the sum insured for home. It depends on the plan one chooses whether he or she is opting for only the house or if he/she wants to ensure the contents of the house as well. If one considers the value of belongings like special high-value painting or artifact, that can also be considered with the property insurance.”

Additionally, see that the insurance protects the house from natural calamities, loss, or damage due to fire, riots, etc. Nowadays, losses due to terrorist attacks can be also covered on a very nominal premium.

While one can choose to buy motor, health, and home insurance policies from the same insurer, experts always advise to choose the rights plans and offer depending on his or her requirements, product features, and insurance covers.

Chatterjee adds, “It is fine to choose different insurance covers from different insurers, but important to go for insurance products which give the best of benefits to the insured.”

 

Source : Financial Express

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