HomePersonal Insurance Policies

Personal Insurance Policies


Vehicle/Motor insurance protects the owner from financial loss in the case of a motor accident. Like any other policy, a motor insurance policy is a contract between the owner of the vehicle and the insurance company. The owner pays the premium and the insurance company agrees to compensate their losses as defined in the policy. ​Motor insurance provides property, liability and medical coverage: property coverage pays for damage to or theft of the vehicle; liability coverage compensates for the owner’s legal responsibility to others for bodily injury or property damage; medical coverage pays for the cost of treating injuries due to accidents.

In general, two types of insurance policies are available for two-wheelers and cars.

(A)Third party liability only policy – It covers legal liability faced by the vehicle owner to third parties in the event of personal injury/damage to third party property. This is a restricted cover and doesn’t cover loss/damage to your own vehicle. This coverage is mandatory for all vehicles in India.

(B) Comprehensive package policy– It is an all-inclusive policy which is also known as a comprehensive coverage policy. The policy covers (1) Loss or damage to the vehicle due to accident or any other covered perils. (2) Legal liability faced by the vehicle owner to third party – death/bodily injury to third party individual OR damage to property belonging to third party.

There is an in-built personal accident cover in the package policy which covers accidental death or disability of the owner driver of the insured car.

Nowadays, it is possible to cover the vehicle with NIL Depreciation cover – Through this cover, the cost of depreciation becomes zero. Accordingly, the insurance company pays the full claim value regardless of the depreciation that applies to the plastic and metal parts of the car.

Major exclusions

  • Normal wear and tear
  • Intentional accidents, overloading, using the vehicle in violation of its usage limitations
  • Damages caused by mechanical or electrical breakdowns

Claim procedures – For details on claim procedures in the event of an accident, please refer to the section ‘DID YOU KNOW?’


Any individual, though healthy, can fall ill unexpectedly and require expensive healthcare treatment. Health Insurance provides financial comfort in such circumstances. It protects you against any emergency and planned medical expenses, such as hospitalization and surgeries due to accidents or illnesses. Mostly insurance companies have tie-ups with a network of hospitals to offer cashless treatment, else the claim may be on reimbursement basis once the treatment is completed.

There are different types of Health Insurance plans:- 

(1) Individual Insurance plan – This is a basic plan that covers an individual. Covers medical expenses up to the sum insured opted for.

(2) Family floater insurance plan – This plan offers coverage to the entire family under a single policy against a single premium. A specified sum insured is divided among the family members. This can be claimed by one or more members of the family during the policy period.

Critical illness plan – This plan provides a lump sum amount if the insured is diagnosed with a critical illness covered under the policy such as kidney failure, cancer, heart attack, etc. This plan provides lump sum payment on the first diagnosis of a critical illness without the claimant having to submit any hospital bills.

Main covers

  • Hospitalization expenses due to accident/illness
  • Pre & post hospitalization expenses
  • Day care procedures

Major exclusions

  • Treatment related to any conditions which was existing at the time of taking the policy
  • First 30 days of taking the policy, except for accidents

Claim procedures – For details on claim procedures in the event of an accident, please refer to the section ‘DID YOU KNOW?’


The policy provides financial assistance to the policy holder and the insured’s family members in the event of an accidental death or disability.

Main covers

The following benefits are available in the event of an accident:

  • Accidental death
  • Permanent total disability due to accident
  • Permanent partial disability
  • Temporary total disability
  • Hospitalization expenses
  • Ambulance charges

Major exclusions

  • Natural death/Suicide
  • Intentional Self injuries
  • Pre-existing disability
  • Drug addiction or alcoholism

Claim procedures – For details on claim procedures in the event of an accident, please refer to the section ‘DID YOU KNOW?’


Home Insurance protects House structure/Building and its contents primarily from fire and other natural calamities.

Main Risks covered

  • Fire, including due to its own fermentation, or natural heating or spontaneous combustion.
  • Explosion or Implosion
  • Lightning
  • Earthquake, volcanic eruption, or other convulsions of nature
  • Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and inundation
  • Subsidence of the land on which the insured Premises stand, Landslide, Rockslide
  • Bush fire, Forest fire, Jungle fire
  • Impact damage of any kind, i.e., damage caused by impact of, or collision caused by any external physical object (e.g. Vehicle, falling trees, aircraft, wall etc)
  • Missile testing operations
  • Riot, strike, Malicious damage
  • Acts of Terrorism
  • Bursting or overflowing of water tanks, apparatus and pipes
  • Leakage from Automatic sprinkler installations
  • Theft within 7 days from the occurrence of and proximately caused by any of the above insured events.

Major exclusions

  • Loss or damage due to Fire if caused by burning of Insured Property by order of any Public Authority.
  • Subsidence, Landslide & Rockslide, If caused by normal cracking/settlement or bedding down of new structures/settlement or movement of made up ground/coastal or river erosion/defective design or workmanship/demolition, destruction or structural alterations or repair etc.
  • Impact damage caused by pressure waves caused by aircraft or other aerial or space devices travelling at sonic or supersonic speeds.

There are customized/package policies available nowadays to cover Home, Contents, valuables, electrical & electronic appliances, liability etc. under a single policy, which provides wider cover against various risks under different sections of the policy.


Fire & Allied Perils (Building)

Covers the residential building including its outbuildings, boundary walls, gates and fences, plinth and foundation against Fire & Allied perils.


Fire & Allied Perils (Contents)


Covers content such as Furniture , Fixtures Fittings, Upholstery, Clothes & Apparels, Domestic Appliances etc. in the residence excluding jewelry & valuables


Burglary (Contents)


Burglary and House Breaking including theft and larceny (contents such as furniture, fixtures and fittings, upholstery, clothing & apparel, domestic appliances excluding jewelry & valuables).


Television/Video Equipment

Damage to: Television sets and accessories, cable/satellite/digital television receiver, video equipment and their aerial fittings and masts, against fire and allied perils, theft, accidental external damage and breakdown.


Personal Accident

This section covers policy holder and his named family members against accidental injury. Accidental bodily injury leading to death or disablement (either permanent total or permanent partial) including loss of limbs or eyes.

Jewelry/Valuables (worn or kept in the premises)

Covers loss or damage due to Fire & Allied Perils including earthquake, Burglary, House-Breaking &Theft and such other sudden accident or misfortune.


Personal Computer

Covers loss or damage to the personal computer (Desktop) at the insured premises. – caused by Fire and allied perils, theft, accidental external damage and internal breakdown.


Breakdown of Domestic Appliances

Covers Breakdown of the Domestic appliances.


Building under Fire & Allied perils section & TV and other electronic equipment’s under Electronic equipment section need to be insured on Reinstatement Value basis.

Reinstatement value is the cost of replacing or reinstating the damaged property with the same kind or type, but not superior or more extensive than the insured property when new.

Claim Procedures:  For details on claim procedures in the event of an accident, please refer to the section ‘DID YOU KNOW?’


Travel insurance provides financial assistance in the event of an unfortunate event during travel. Policies are available for both domestic and international travel.

Main Benefits covered

  • Accidental Death and repatriation
  • Accidents and sickness medical emergencies
  • Trip cancellation
  • Trip delay
  • Delayed baggage
  • Loss of Baggage
  • Loss of passport

Major exclusions

  • Treatments related to pre-existing conditions
  • Self-inflicted injuries
  • Treatments/procedures related to Maternity/child birth
  • Treatments related to mental disorder, sexually transmitted diseases, and injuries due to consumption of alcohol.
  • Participation in adventure sports like skydiving, scuba diving, or mountain diving etc.
  • Involvement in illegal activities or malicious act

Claim Procedures:  For details on claim procedures in the event of an accident, please refer to the section ‘DID YOU KNOW?’

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