Insurances in India
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Insurance in India
Having the right company insurance in India gives you more than just a good night's sleep. It is fundamental to the protection and management of your business in India. It's hard to get the equilibrium right too: some will try to get away with minimal insurance, whereas others will overindulge on insurance they don't really need. The easiest way to evade this is to consult an expert. They will advise you on the appropriate insurance for your company.
Paying insurance premiums in India is always going to appear onerous, but can you really afford to be without sufficient coverage? More importantly, can your company afford it? This is especially true to setting up a business in India. As a foreign business in India, you are susceptible to infractions, accidents, even disasters, which you will not be accustomed to in the UK. You only have to look over the past few years to see how many people in both the East and West that have been afflicted by natural disasters.
It is advised you seek out a reputable insurance broker in India, who will not only be able to recommend the exact insurance needs for your company, but also compare deals and negotiate cost-effective packages. They will also be able to inform you of any legal requirements in India that you may not be aware of.
Generally, there are four main types of insurance in India:
- Vehicle Insurance
- Personnel Insurance
- Public Liability Insurance
- Building and content insurance
By law, all vehicles must be insured to a third party liability level in India. There are two predominant policies to choose from: third party and comprehensive insurance. If a claim is made against you for personal injuries and legal costs, then third party injury insurance is required.
Comprehensive vehicle insurance covers damages caused to your own car by you, as well as injury, property damage, fire and theft.
This type of insurance in India covers you and your employees in the event of sickness, accident or illness.
An employer must provide accident or sickness cover for their employees in India. However, self-employed people are not covered by employee compensation, and therefore need to cover themselves through a private insurer. There are various types of insurance available, such as income protection, trauma, life and disability.
Public Liability Insurance
This is a compulsory form of cover in India, and protects from claims by third parties against negligence, death, injury, loss and damage of property, and economic or financial loss.
Building and Contents Insurance
This insurance in India covers your property and its contents and/or stock against fire, water and other damages such as earthquakes, lightning, storms, explosions, burglary and theft.
There are a handful of insurances that are tailored to meet your day-to-day needs and cover you in the event of damage or injury to yourself or other persons, as well as assets and property.
Home insurance will soon be mandatory in India. Basic policy, which is fire coverage, has two subsections. One covers the building and the other its contents against damage from fire. Other areas covered are structural and other damage from fire, lightning, riots, explosion of gas in domestic appliances, riots and natural calamities such as floods and earthquakes. Basic policy invariably excludes jewellery and valuables. There are lots of schemes available in home insurance depending on coverage requirements.
Healthcare costs have risen remarkably in recent times. It is certainly recommended you seek private health insurance; the Indian healthcare system leaves much to be desired.
There are many companies dealing in private health insurance. Private patients generate higher earnings for medical professionals and therefore will invariably be consulted by senior doctors. A private patient can also request a doctor who speaks their native language.
All vehicles must have, at the very least, third party liability insurance in India. It is compulsory for a car owner to take out insurance against injury and damage. The insurance covers both driver and passengers.
The two types of insurance available are third party and comprehensive. Third party insurance policy covers only the liability of the vehicle owner for loss or damage to life or property of the third parties. Comprehensive insurance covers not only third party liability, but loss or damage to the vehicle itself by way of accident, theft, etc.
The premium rates for vehicle insurance are governed by tariffs, which are same for all the companies operating in India.
Life insurance isn't just something to think about when you reach old age. In fact, the earlier you take it out, the better deal you get. Insurers are more likely to give a better deal to someone who is young and healthy than old and ill. Even if you have no family or dependents to worry about, there are still very good reasons for you to invest in life insurance.
Life insurance isn't really a country-specific affair, like health or vehicle cover is. It is tailored to your individual circumstances and needs.
It is important to know the kinds of life insurance available to you. Typically, these are term/temporary insurance and investment/permanent insurance.
Term insurance invariably provides compensation and benefits to a family or dependent in the case of death within the terms outlined in the policy. It ensures that, in the instance of death, the people you leave behind are not left in financial turmoil.
Investment-type insurance will be inclusive of endowment and 'whole of life' policies, and is valid for as long as premium payments are made. Technically, part of the premium is invested and will build in value. It can even be cashed before you die. Therefore, the earlier you buy, the more will accumulate, the more you can reclaim.
It is essential to remember, that, when looking for a life insurer, you shop around. It is imperative that you get a deal to suit your needs. So, with this in mind, not only are you looking for a good price, but a suitable, individual policy. Ask yourself what you need from a life insurance policy. There are many people that can help you deduce which company and policy is most appropriate for you, and there are many price comparison sites located on the internet.
Organisations that can assist with Insurances
We can find business insurance advice for you. Professional indemnity insurance and international business insurance