Insurances for Retail Industry

What is an Accident?

Accident or Accidental means a sudden, unforeseen and unexpected event caused by external, violent and visible means (but does not include illness or disease) which results in physical bodily injury (but does not include mental, nervous or emotional disorders, depression or anxiety).

What is Personal Accident Insurance?

A Personal Accident Insurance policy is intended to compensate for any financial loss casued by an Accident.

Comprehensive Coverage available:

  • Death + Permanent Total Disability + Permanent Partial Disability + Temporary Total Disability + Children’s Education Bonus - Maximum SI 24 times of monthly income

The Premium differs in case of different risk levels determined by your occupation.

  • Risk Level I: Administrative / managing functions, accountants, doctors, lawyers, architects, teachers and similar occupations.
  • Risk Level II: Manual labour, garage mechanic, machine operator, paid driver (car / truck / heavy vehicles) cash carrying employee, builder, contractor, veterinary doctor and similar occupations.
  • Risk Level III: Workers in underground mines, electric installations with high tension supply. Jockey, circus performers, big game hunters, mountaineers, professional river rafters and similar occupations.

Health Insurance / Sickness Cover:

Health Insurance can get you access to the best medical care and treatment while being financially protected. In case of a medical emergency, a health insurance policy guarantees peace of mind and ensures that you and your family will receive the best treatment at a hospital of your choice. Bajaj Allianz offers a range of affordable health insurance plans. Our health plans are custom made to protect you against the rising healthcare costs.

Coverage the Policy Offers:

  • Hospitalisation expenses incurred during hospitalisation.
  • Pre and post hospitalization expenses covers relevant medical expenses incurred 60 days prior to and 90 days after hospitalization.
  • Ambulance charges Rs 1000/- per hospitalisation.
  • 130 day-care procedures are covered subject to terms & conditions.

What is Motor Insurance?

Motor insurance is a coverage bought for vehicles. The objective is to give complete protection against accidental physical damage and Thirdy Party personal injury / death / property damages. It gives coverage against accidental loss or damages to own vehicle or a third party. The premium would depend on the make & value of the vehicle, age and its claims history.

Types of Policies:

  • Liability Only Policy: As per Motor Vehicles Act, this insurance is compulsory. This covers owner's liability to Third Party for bodily injury and / or death and Property Damage.
  • Package Policy: This covers loss or damage to the vehicle insured in addition to coverage under Liability Only Policy.

Loss or Damage to the vehicle Insured:

The Insurer will indemnify the Insured against loss or damage to the vehicle insured hereunder and/or its accessories whilst thereon by:

  • fire explosion self ignition or lightning
  • burglary housebreaking or theft
  • riot and strike
  • earthquake (fire and shock damage)
  • flood typhoon hurricane storm tempest inundation
  • cyclone hailstorm frost
  • accidental external means
  • malicious act
  • terrorist activity
  • whilst in transit by road rail inland waterway lift elevator or air
  • landslide/rockslide

Provided ALWAYS that the Insurer shall not be liable to make any payment in respect of:

  • consequential loss, depreciation, wear and tear, mechanical or electrical breakdown, failures or breakage's nor for damage caused by overloading or strain nor for loss or damage to accessories by burglary, housebreaking or theft unless the vehicle insured is stolen at the same time.
  • damage to tyres and tubes unless the vehicle insured is damaged at the same time in which case the liability of the Company is limited to 50% of the cost of the replacement.
  • any accidental loss or damage suffered whilst the insured or any person driving the vehicle with the knowledge and consent of the insured is under the influence of intoxicating liquor or drugs.

What is Travel Insurance?

Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, either internationally or within one's own country.

Policies can be extended for many types of travel including Holiday, Business, Study etc.

Premium varies as per Geographical Location: Worldwide Including USA/Canada, Worldwide Excluding USA/Canada, Domestic Travel Insurance, Asia Pacific Policies, Schengen Specific Travel Policies etc.

Types of Policies:

  • Annual Multi Trip Insurance: Your Policy will start on the latest of the Effective Date & hour as specified on the Policy Schedule, or the commencement of a Trip and the total premium has been paid & realized in advance.
  • Single Trip Insurance: Your Policy will start on the Effective Date & hour as specified on the Policy Schedule provided it is countersigned by Us and the total premium has been paid & realized in advance.

Coverage under Travel Insurance:

  • Accidental death and dismemberment (Including loss of sight or hearing)
  • Accidental death and dismemberment (Common carrier - including loss of sight or hearing)
  • Accident & sickness medical expenses
  • Sickness dental expense
  • Assistance : medical assistance, medical evacuation, repatriation, legal assistance, lost luggage or lost passport, general assistance, pre-departure services, emergency travel agency, emergency cash transfers and advances, disclaimer of liability
  • Baggage delay
  • Baggage loss (Common carrier)
  • Emergency medical evacuation
  • Repatriation of remains
  • Hijacking
  • Loss of passport
  • Personal liability
  • Flight delay
  • Automatic extension of the policy
  • Trip curtailment
  • Trip cancellation
  • Missed connections/missed departure
  • Bounced bookings of hotel and airline
  • Fraudulent charges
  • Burglary

Optional Coverage:

Some travel policies will also provide cover for additional costs, although these vary widely between providers.

In addition, often separate insurance can be purchased for specific costs such as:

  • Pre-existing conditions (e.g. asthma, diabetes)
  • Sports with an element of risk (e.g. skiing, scuba diving)
  • Travel to high risk countries (e.g. due to war, natural disasters or acts of terrorism)
  • Additional AD&D coverage
  • Third party supplier insolvency (e.g. the hotel or airline to which you made non-refundable pre-payments has gone into administration)
  • Acute onset of pre-existing conditions
  • Common exclusions
  • Pre-existing medical conditions
  • Elective surgery or treatment
  • War
  • Terrorism - Most trip cancellation policies include terrorism but only when there is an act of terrorism that meets the policy's criteria including definition, place of occurrence and date of occurrence
  • Injury or illness caused by alcohol or drug use

What is Home / Householders Package Policy?

An Insurance policy specially designed to cover various risks and contingencies faced by householders under a single policy. It provides protection for property, your domestic and electronic appliances, interests of the Insured and his family members.

Comprehensive Policy Coverages:

  1. Fire & Allied Perils: covers the structure and contents of your home, against fire and allied perils including earthquake.
  2. Burglary & Housebreaking: covers loss or damage to the contents of your home against burglary and housebreaking.
  3. All Risk Insurance: provides all risk cover to your jewellery and valuables anywhere in India.
  4. Plate Glass: covers loss or damage to fixed plate glass in your home due to accidental damage.
  5. Domestic Appliances like Air conditioners & Refrigerators etc: provides coverage to your personal baggage whilst on your journey in India.
  6. Electronic Equipment like TV & VCR etc: provides all risk cover to your electronic appliances including personal computer with accessories such as printers contained in your home.
  7. Pedal Cycles: covers loss or damage to your pedal cycle.
  8. Baggage Insurance: provides coverage to your personal baggage whilst on your journey in India.
  9. Personal Accident Insurance: provides for compensation in the unfortunate event of accidental death or disability. Also provides for education grant for dependent children and cost of carriage of dead body.
  10. Public Liability & Workmens Compensation:
    • To domestic servants - provides compensation to the domestic servants for accidents arising out of and in the course of employment.
    • To Third parties - provides cover for legal liability to third parties.

General Exclusions:

This policy does not cover loss or damage:

  • Caused by war or allied perils
  • Nuclear radiation and the like
  • Terrorism: This is an optional cover which can be covered by paying the additional premium

This cover is meant for professionals to cover liability falling on them as a result of errors and omissions committed by them whilst rendering professional service.

The policy offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable.

The policy covers all sums which the insured professional becomes legally liable to pay as damages to third party in respect of any error and/or omission on his/her part committed whilst rendering professional service. Legal cost and expenses incurred in defence of the case, with the prior consent of the insurance company, are also payable, subject to the overall limit of indemnity selected.

Only civil liability claims are covered. Any liability arising out of any criminal act or act committed in violation of any law or ordinance is not covered.

Group policies can also be issued covering members of one profession. Group discount in premium is available depending upon the number of members covered.

What is Life Insurance?

Life Insurance is an insurance for protection of family against eventualities.

  Term Insurance: Term plans are real life insurance plans, to protect the family in case of any untoward incident to the bread winner of the family. They provide life cover with no savings / profits component. They are the most affordable form of life insurance as premiums are cheaper compared to other life insurance plans.

  Endowment Policies: Endowment plans differ from term plans in one critical aspect i.e. maturity benefit. Unlike term plans which pay out the sum assured only in case of an eventuality during the policy term, endowment plans pays out the sum assured under both scenarios – death and survival. However, endowment plans charge higher premiums – for paying out sum assured, along with profits.

  Money Back Policies: A money back policy is a variant of the endowment plan. It gives periodic returns during the policy term. A portion of the sum assured is paid out at regular intervals and if the policy holder survives the term, he gets the balance sum assured plus applicable bonus. In case of death during the policy term, the beneficiary gets the full sum assured plus applicable bonus.

  Whole Life Policies: A whole life insurance policy covers a policyholder over his life. The main feature of a whole life policy is that the individual enjoys the life cover throughout his life. The policyholder pays regular premiums for a limited premium paying term. Sum assured with bonus is paid at the end of the premium paying term and the risk cover continues till policyholder attains 100 years.

  Pension Plans: Pension Plans help individuals to lead a peaceful retirement life. It gives regular monthly income in the form of pension.

  Child Plans: Child Plan is specially designed to meet the increasing educational, marriage and other needs of growing children. It provides the risk cover on the life of child / parent during the policy term and ensures required dream amount to the child when needed i.e. during the child’s Graduation / Post Graduation / Marriage. The dream of the parent would be fulfilled even in case of his/her untimely demise.

  Unit Linked Insurance Plans (ULIPS):ULIPs are saving / investment plans. The premium paid under ULIPs are invested in the market and the returns are subject to market fluctuations. In case of unfortunate death of the policyholder during the policy term, sum assured / fund value which ever is higher is payable. The policyholder has different fund options for investing the premiums paid and the returns vary based on the fund options chosen. The policyholder will get the fund value as maturity benefit.

  Health Plans: Health insurance plans under life insurance offer you the benefit of lump sum cash, irrespective of the expenses you incur during hospitalisation. This ensures that your savings remain intact and go towards fulfilling your family’s dreams and securing their financial stability. Health Plan under life insurance covers entire family including children, dependant parents and parents-in-law. Also this plan covers pre-existing illnesses after 4 continuous years of membership. You and your family members will have guaranteed coverage up to the age of 99 for adults and 21 years in case of children, irrespective of claim experience and change in your health condition.

  Riders: Riders enhance the benefits of the base policy. Popular riders are:

  • Term Rider: In case of normal death, double the sum assured will be paid subject to rider sum assured opted.
  • Accidental Death Rider: In case of death due to accident, double the sum assured will be paid subject to rider sum assured opted.
  • Accidental Death & Dismemberment Rider: In case of dismemberment due to accident, rider sum assured is paid in intervals.
  • Critical Illnes Rider: In case of diagnosis of any of the stated critical illnensses, rider sum assured is paid.
There are many other riders to meet your requirements.