In India, insurance has largely been understood to be Life Insurance, Auto Insurance or Health Insurance. But, there are also other types of insurance like Credit Card protection and adventure insurances that are available in the market and relatively less popular.
Let us take a look at these insurance products and the purposes they meet.
Art Insurance
If you are in the business of buying and selling art or are an enthusiast, this one is for you. This insurance covers all artistic belongings and offers protection against accidental damage, breakage during transit etc. These policies offer restoration services, packaging and handling as well, and all for a small sum annually. The value of the artwork is determined by both parties using the services of a certified valuation expert.
Burial Insurance
A burial Insurance proposes to cover the funeral expenses of the insured for a one-time premium. This insurance can be bought without any health check-up or blood test. However, the premiums are expensive. In India, burial insurance is often bundled with Life Insurance plans – sometimes as add-ons and often as an extension of personal accident cover. There are some companies that sell these products as a standalone policy.
Credit Card Protection (CCP)
Most Credit Card companies have a CCP plan nowadays with the basic proposition being the same as in all plans- coverage for theft, burglary, fraud, loss of card etc, covered for a premium. CCP also ensures that your card is blocked in case you lose it. A few companies also offer an interesting price protection’ feature, wherein the company pays you the difference of the price you have actually paid for the goods or service bought and the lowest printed price advertised for the same.
Wedding Insurance
Weddings in India are an expensive affair and if the event gets cancelled close to the date, it causes huge financial losses. Insurance companies have come up with wedding insurances to rescue people out of such situations. A wedding insurance plan covers financial losses in case of cancellation due to natural calamities, theft, demise of a family member etc. However, if the wedding gets cancelled due to dispute between two parties, the insurance company doesn’t cover it.
Extreme (Adventure) Sports Insurance
Adventure sports risks are typically excluded from Life Insurance and critical injury insurance. However, there’s one insurance provider which takes care of adventure sports risks as an add-on Travel Insurance. So, if you are into adventure sports such as kayaking, mountain-climbing, river rafting and paragliding you must consider getting this plan. The plan offers coverage only if the activities are undertaken during leisure and under professional supervision. Moreover, the insurable risks include death and permanent disability only.
Before you pick your insurance product, explore your needs and ensure the product you buy offers a comprehensive coverage.
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