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This monsoon, ensure you are ‘well-covered’
Cyclones and flash floods have become a usual thing off late, causing irreparable damage to those affected.
It is imperative to safeguard assets against the risks due to clogged roads and inundation. A host of health-related ailments also peak during this season. An umbrella of appropriate insurance coverage can act as a safety net to protect you against financial losses during monsoon.
According to Sasikumar Adidamu, Chief Technical Officer, Bajaj Allianz General Insurance, a comprehensive motor insurance policy with right add-on covers can help you avoid any major out-of-pocket expenses.
Majority of Indians do not feel the need to protect and insure homes. A comprehensive home insurance can offer protection against damage to the property caused by the flowing of flood water into the house. Adidamu tells us it not only shields the structure of the house, but also the contents. It covers losses or damages caused to properties or contents by an unfortunate event - natural and accidental.
While the monsoon brings a much needed respite from the heat wave, it also brings along various health problems like airborne and water-borne diseases. Adidamu says, “Medical costs are increasing rapidly with medical inflation going up by at least 15% annually be it outpatient or hospitalisation. It’s important to have an appropriate health insurance cover. Insurers also offer customised health insurance plans for vector-borne diseases during this season.” Although a 360 degree health insurance cover is advisable, one must go for these benefit policies that adequately cover them against the trending vector borne menace.
One must buy a separate personal accident policy which will provide protection against financial eventualities due to accidental injury/death caused due to overcast sky and potholed roads. It is a policy that will provide cover against death, permanent total disability, partial disability, temporary disabilities; thus ensuring that yours or your family’s finances don’t go off track due to an accident.
“While we welcome the rain gods, one needs to be wary of the risks that they are susceptible to and accordingly take adequate insurance. Doing so, will ensure minimum financial loss in case of any damage, enabling you to enjoy the season rather than being worried about compensating for the losses from your own pocket,” he sums up.