Authored by Shanai Ghosh

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Monsoons are a wonderful and welcome respite from the scorching summer heat. However, along with superb weather and greenery, come a host of seasonal ailments. And at times, it can be intense and cause extensive loss to life and property. While we may not be able to prevent such losses, we can definitely protect ourselves against possible financial damages that we may incur given the heavy monsoon, by investing inadequate insurance cover.

To protect yourself and your family against the risks of medical emergency, accidents, fires and natural calamities, here are some basic plans that you should consider:

Health Insurance

A comprehensive health insurance plan usually covers most mosquito-borne diseases notably rampant in the monsoon. Most comprehensive plans, cover hospitalization, associated pre and post hospitalization expenses, consultation and diagnostic expenses, etc. This takes care of treatment costs in the unfortunate case of you needing any medical treatment. Therefore, it is advisable to have a comprehensive plan and to top it up with specific disease covers, if needed.

Supplementing your health insurance with a personal accident cover is a wise decision to make. A Personal Accident Insurance provides cover against injuries, accidental death, temporary and permanent disabilities. This can be an extremely significant financial cushion, in case of serious accidents. An average cover of Rs 50 lakh can cost as little as Rs. 8,000 to 12,000 per annum - a small price to pay for the cover and your own peace of mind.

Motor Insurance

All of us who own a vehicle would hate to see it damaged. Add to that the inconvenience of being without personal transport especially in the current environment, where we are increasingly dependent on our personal vehicles. Therefore, it is critical to have our vehicles in optimal working conditions.

Monsoons add to the risk of accidents and having insurance can be of enormous financial help, given the mandated third-party cover, to pay for any incurred damages. For added protection, not usually covered by your regular motor plan. Having these might increase your premiums slightly but is highly recommended.

You could choose some optional covers such as -

Engine Protect – provides coverage, not just for engine damage due to water ingestion, but also protects against damage due to oil leakage or damage of the gearbox.

Zero Depreciation Cover - enables you to receive the complete damage amount for the parts of your insured car. In normal cases, insurers pay the reduced amount after depreciation of the vehicle part basis aging.

Roadside Assistance - Breakdown of a car in waterlogging and floods is a common event. Assistance for towing or moving your car can be availed through this add on.

NCB Protect - NCB can help in reducing the premiums every year. An NCB Protect cover can help in safeguarding this accumulated amount and you can make claims without having to lose the benefits of NCB.

Consumables Expenses Protect – Covers expenses incurred for car parts such as screws, nuts and bolts, oil and lubricants, etc. which form a part of the consumables can also be under the risk of damage during monsoons.

Home Insurance

Your house is one of your most cherished and valuable investments. It is important that you take all measures to ensure it is protected. Natural calamities such as floods and cyclones can cause great destruction to your house and potentially wipe out your savings. The recent Cyclone Amphan in West Bengal damaged over 1.5 million houses.

The absence of an appropriate home insurance cover, at such a time, can lead to heavy financial losses.

A standard home insurance policy may not cover damage due to flooding and so if you feel that your home is susceptible to floods, you need a comprehensive plan that provides adequate coverage.

Comprehensive home insurance can offer protection not only to the structure of your home but also its contents during flooding including furniture, equipment and other valuables associated with it. The policy can provide significant aid in reconstructing the house from scratch in case of any unforeseen calamities.

However, the utility of Home Insurance extends much beyond damage due to natural calamities. Residential fires are becoming more frequent and they end up destroying large parts of the home that is built with hard-earned resources. Home insurance can help you cover such a loss.

Claim settlement

In the digital age, claims are now becoming completely paperless. Right from notifying the insurer to submitting all your documents and the final claim settlement can be done digitally via an app or other digital channels. Customers can also track the status of their claims digitally.

Remember, in an unfortunate event, intimate relevant authorities and your insurer within the specified time period. Also, ensure all your documents are in place and submit these accordingly as soft copies are also valid. You can then relax and expect a faster, smoother claims experience, given the shift towards technology-driven claims handling and settlement.

To end, I would suggest that people view Insurance from a different lens – as a solution to keep your savings safe to pursue the goals and dreams you are chasing, something that sets you free to live your life in the moment!

Shanai Ghosh is Executive Director & CEO at Edelweiss General Insurance